Courtesy
Editor’s note: This is the first installment in our Calling All Readers feature, wherein Craig Press readers ask follow-up questions about stories that ran previously.
The proposed Craig Urban Renewal Authority would designate two sections of the city as urban renewal areas, creating the potential for property owners in those areas to apply for tax increment financing to help improve their property.
Tax increment financing invests the increase in future property tax revenue that is anticipated from the improvement of the property into the improvement itself.
Another proposal, the Yampa Valley Adventure Center, a business looking to locate in the old Centennial Mall, is planned within one of those urban renewal areas, and is counting on tax increment financing to be approved to make the redevelopment of the mall possible.