Modify Previously Approved Regional Tourism Project

The 'Colorado Regional Tourism Act' includes a process by which one or more local governments may undertake a regional tourism project (project), create a regional tourism zone in which the project will be built, and create a regional tourism authority to use tax increment financing based on state sales tax revenue to finance eligible improvements related to the project. Currently, once a project has been approved, there is not a process to allow a local government to request and the Colorado economic development commission (commission) to approve a modification to the components of the project. The bill allows a local government that is a participant in an approved project to apply to the…