Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 122015 BURA EXPENDITURES AND OTHER FINANCING SOURCES: $18,758,043 5 4 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 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 The Brighton Urban Renewal Authority carefully targets investments, partnering with others and leveraging public and private funds. 2015 BURA REVENUES AND OTHER FINANCING SOURCES: $18,758,043 ALL line items Refunding Bond Proceeds $10,445,000 55.68% Property Tax Increment Revenues $4,670,844 24.90% Sales Tax Increment Revenues $825,758 4.40% Interest, Fees, Other Revenues $306,441 1.63% Loan Proceeds $2,510,000 13.38% ALL line items Debt Service $11,221,469 59.82% Land Held For Resale $2,505,738 13.36% Program Administration & Operations $738,217 3.94% Agreements With Other Taxing Bodies $1,771,134 9.59% Agreements With Other Entities $2,410,485 10.35% Redevelopment Activities $84,000 0.45% Transfer to Reserves $469,120 3% Redevelopment and reinvestment of blighted areas can be very complex and costly, and there is usually a funding gap. When an urban renewal plan area is created, a base assessed value is determined by the County Assessor. The tax increment created by new development in the plan area goes to an urban renewal authority to pay for eligible improvements for a period not to exceed 25 years. Urban renewal authorities do not levy taxes. Entities that received tax revenue before the urban renewal plan continue to receive tax revenue. In fact, urban renewal helps increase the tax base over time. In fiscal year 2015, that meant additional revenues of: • $187,558 for the City of Brighton • $756,352 for Adams County • $332,669 for the Greater Brighton Fire District • $1,283,929 for School District 27J Since 2001, BURA’s strategic investments heave helped increase the tax base, generating an estimated total of $26,009,697 for these entities. Since 2013, BURA has contributed more than $5 million to these and other taxing districts. EVERYONE BENEFITS Assessed Valuation $ 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