Craig Urban Renewal Authority: Downtown revitalization brings exciting opportunities for all.
A thriving and vibrant downtown is a goal that all Craig residents support wholeheartedly, and the Craig Urban Renewal Authority (CURA) is proof of that commitment. Enacted according to Colorado statute, CURA has a simple aim: To revive certain disused properties within a defined area of downtown. Yet while the aim is simple, CURA’s efforts promise to yield an abundance of other benefits, including greater financial returns for new building owners, job creation and economic development.
CURA’s projects can include a wide variety of building and infrastructure improvements, including façade improvement, patio and outdoor expansion, equipment upgrades or other investments that catalyze growth.
One of CURA’s most important renewal tools is Tax Increment Financing (TIF), which takes advantage of incremental revenues generated from municipal sales, property, use and/or lodging tax and county property tax. TIF is not a tax deferral; rather it incentivizes development appropriate to CURA’s goals. Based on project impact, generally between 50 and 60 percent of the TIF revenue may be allocated to the project in support of redevelopment, either through direct project investment or a rebate of a portion of the tax increment revenue.