Applications now being accepted for Regional Tourism Act program
DENVER — Tuesday, March 19, 2013 — The Colorado Office of Economic Development and International Trade (OEDIT) is now accepting applications for the Regional Tourism Act (RTA) program.
The Regional Tourism Act establishes a program that gives local governments the opportunity to apply to the EDC for approval of large-scale regional tourism projects with tourism or entertainment facilities in regional tourism zones that:
- are of an extraordinary and unique nature,
- are anticipated to result in a substantial increase in out-of-state tourism, and
- generate a significant portion of their sales tax revenue from transactions with nonresidents of the regional tourism zone.
- The local government must provide reliable economic data demonstrating that in the absence of state sales tax increment revenue, the project is not reasonably anticipated to be developed within the foreseeable future.
OEDIT will be holding Bidder’s Conferences for all applicants:
March 25, 2013 from 12:00 p.m. - 2:00 p.m.
Wells Fargo Building
1700 Lincoln St., Hershner Room (lobby level)
Denver, CO 80202
April 23, 2013 from 12:00 p.m. - 2:00 p.m.
World Trade Center 1625 Broadway, Suite 820
Denver, CO 80202
Representatives from OEDIT, the Third Party Analyst, and Office of State Planning and Budget will be available to answer applicant’s questions.
The Economic Development Commission can approve two projects per year for three years through the RTA and shall not approve any project that would create a state sales tax revenue dedication of more than $50 million to all projects in any given year. Last year, Pueblo and the City of Aurora were awarded RTA funding for projects in their areas.
For more information about RTA and guidelines for applications, please visit www.advancecolorado.com/rta. Applications are due by June 18, 2013.
PLEASE NOTE: Deadline for applications has been extended to July 8, 2013.