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5 The gap is the difference between what a community wants in a development and what the private sector can afford to do. This gap is generally between 15 and 30 of the development project. Colorado Municipal League Once the monetary obligations related to a project are fulfilled the taxing entities have new permanent sources of revenue that would not have existed if the project had not been undertaken. Denver Urban Renewal Authority Citizens Guide to Urban Renewal Urban renewal activities in Brighton support our city county schools and public services. Urban renewal authorities do not levy taxes. Redevelopment of these areas can be very complex and costly and there is usually a funding gap. Urban renewal authorities may utilize a financial tool called Tax Increment Financing TIF to close that gap and fund eligible improvements within the designated area. When an urban renewal plan area is created a base assessed value is determined by the County Assessor. Only the tax increment created by new development in the plan area goes to an urban renewal authority for a period not to exceed 25 years. Tax entities who received tax revenue before the urban renewal plan continue to receive the tax revenue they were receiving. In fact urban renewal helps increase the tax base over time. In fiscal year 2014 meant additional revenues of 127121 for the City of Brighton 512592 for Adams County 225472 for the Greater Brighton Fire District 872238 for School District 27J Since 2001 BURAs strategic investments have helped increase the tax base generating a total of 16230500 for these entities. In addition BURA has contributed another 5.8 million in revenue sharing to them as well as Weld County and School District Weld RE8. EVERYONE BENEFITS AssessedValuation Base Year Adjusted every two years Base Property Values 25 Years To BURA and Other Entities Increased Valuation TIF Tax Increment Total Minus Base Revenue Source Assessed Ad Valorem Tax Real Personal Property 2014 Revenue Increases in Base Adams County ......................512592 City of Brighton......................127121 Greater Brighton Fire Dept.....225472 School District 27J................872238