Colorado § 32-1-1010 - Transit investment areas - definition.

§ 32-1-1010. Transit investment areas - definition.

(1) In addition to the powers specified in this part 10, and notwithstanding any limitation on the powers of a metropolitan district otherwise specified in this part 10 or in the metropolitan district's service plan, any metropolitan district designated as an approved financing entity pursuant to part 4 of article 46 of title 24 has all the powers necessary or convenient to carry out part 4 of article 46 of title 24, including the power to receive state sales tax increment revenue and to disburse and otherwise use such revenue for all lawful purposes pursuant to part 4 of article 4 of title 24. Lawful purposes include the financing of eligible costs and the design, construction, maintenance, and operation of eligible improvements as defined in section 24-46-402 (10) or otherwise incorporated into the Colorado economic development commission's conditions of approval pursuant to part 4 of article 46 of title 24.

(2) Notwithstanding any provision of section 32-1-207 or of the metropolitan district's service plan, authorization to receive state sales tax increment revenue, pursuant to part 4 of article 46 of title 24, is not considered a substantial modification to the plan and corresponding changes to the plan may be made by the governing body to incorporate the use of state sales tax increment revenue of the metropolitan district without the requirement of petition to or approval by the board of county commissioners or the governing body of the municipality, as applicable.

(3) A metropolitan district receiving state sales tax increment revenue, whether pursuant to designation as a financing entity pursuant to part 4 of article 46 of title 24, or pursuant to a contract entered into with any such entity, shall not use the state sales tax increment revenue to acquire property through the exercise of eminent domain.

(4) As used in this section, unless the context otherwise requires, "state sales tax increment revenue" has the meaning set forth in section 24-46-402 (17).

Source: L. 2026: Entire section added, (HB 26-1065), ch. 157, p. 922, § 8, effective May 27.

Cross references: For the legislative declaration in HB 26-1065, see section 1 of chapter 157, Session Laws of Colorado 2026.

PART 11

FINANCIAL POWERS

Cross references: For the constitutional provision that establishes limitations on spending, the imposition of taxes, and the incurring of debt, see section 20 of article X of the Colorado constitution.