Dillon to hold off on financing urban renewal | SummitDaily.com

Dillon to hold off on financing urban renewal

summit daily news

DILLON – Though Dillon’s government is still quite passionate about revitalizing its languishing town center, staff and council will have to do so without creating a finance district – at least for now.

Town manager Devin Granbery said the Dillon Urban Renewal Authority has plans to create a Tax Increment Finance (TIF) district – which would be primarily property-tax based – but won’t do so until property values bounce back.

According to Granbery, a TIF district captures incremental increases in property and sales taxes coming from rising sales. That funding is then used to finance new public improvement projects, and it also provides incentives for developers and private investments.

“With what we’re seeing right now with reports, we’re anticipating that accessed (property values) will be dropping 20-25 percent,” Granbery said. “That means a District would not see any increases to (values), which is what funds an urban renewal authority. Why would we put a District in place, when it will most likely not be generating any revenue?”

Though the Dillon Urban Renewal Authority doesn’t anticipate revenues in the near future, Granbery said it still has other tools to spur redevelopment.

“We’re looking to use the Authority to help leverage publicly-owned property for private redevelopment,” he said.

SDN reporter Caitlin Row can be reached at (970) 668-4633 or at crow@summitdaily.com.

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