Report questions Colorado tourism incentives
DENVER–Gaylord Entertainment Co. and the five other applicants for state tourism incentives overestimated the number of new visitors their projects would bring to Colorado and, as a result, the amount of tax-increment financing they’re eligible for, according to reports by the state’s independent analyst.The reports were prepared for the Colorado Economic Development Commission, which will decide in April which projects receive state tourism incentives. The state hasn’t released the reports, but the municipalities applying for incentives provided copies to The Denver Post on Monday.Several applicants said the consultant – Economic Planning & Systems Inc. – misinterpreted the Regional Tourism Act. Enacted in 2009, the RTA allows a portion of state sales taxes generated by a project that advances tourism to be used to help finance its infrastructure.”We don’t agree with any of the findings in the report,” said Linda Cassaday, deputy city manager and finance director for Glendale. “It’s not consistent with the legislation, and they didn’t have a good understanding of our project.”Read more: Analyst: Applicants for Colorado tax incentives overestimated visitor figures – The Denver Post http://www.denverpost.com/business/ci_19803836#ixzz1kOsDUhKy
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