Members of the Town of Firestone Board of Trustees, along with Town Manager Bruce Nickerson and local state representatives attended the signing of House Bill 1016 on March 8, 2017, by Governor John Hickenlooper.
Firestone initiated the bill to provide municipalities with an option to exclude the valuation attributable to the extraction of mineral resources, such as gas and oil, located within an urban renewal area and instead distribute taxes levied on the valuation of extracted mineral resources as if the urban renewal plan was not in effect. House Representatives Saine and Gray sponsored the legislation, as well as State Senators Zenzinger and Humenik. The bill passed unanimously through the House and Senate.
Due to the fluctuating nature of oil and gas prices, projecting future revenues are a challenge that many municipalities face. However, with the passage of HB 1016, municipalities can better determine budget revenues for urban renewal projects, making applying for loans and grants much easier.
“With this legislation, our Firestone URA can now move forward with projects that have been planned but were previously held up,” stated Trustee Meiring, “The new legislation allows us to have greater clarity in budgeting for these projects.”