HomeMy Public PortalAbout3 Fraser Economic Development PolicyTown of Fraser
PO Box 370, Fraser, CO 80442 office 970-726-5491 fax 970-726-5518
www.frasercolorado.com
Fraser Economic Development Policy
As noted in the 2017 Budget Message, sales tax revenues provide approximately 75%
of the revenue in the General Fund which provides for the general operations of the
Town. The Fraser business community is relatively small, therefore otherwise minor
changes can have a significant impact on revenues that are relied upon for general
operations. The opening of a new grocery store in Winter Park in 2017 will most
certainly have a negative impact on Fraser sales tax revenues. However, the extent of
that impact is uncertain.
Further, the Town Board conveyed a strong message in the 2017 Budget that Fraser is
“Open for Business.” Accordingly, the Fraser Economic Development Advisory
Committee, established in 2016 to assist the Board in developing policies to enhance the
local economy, recommends the following economic development policy statement:
The Town of Fraser is seeking proposals for new commercial real estate and
business development that would take advantage of the following offerings:
o Sales tax rebates to the building owner over a ten-year term, 100% for
the first five years and 50% for an additional five years.
o Rebate of the property tax increment for a term of five years.
o Waiver of the applicable Use Tax at time of building permit.
o Deferral of water and wastewater plant investment fees at time of
building permit, payable over three years after Certificate of Occupancy.
o Water and wastewater service fee waivers until issuance of Certificate of
Occupancy, or three years whichever comes first.
o A rebate of $1.00 per square foot payable upon issuance of Certificate of
Occupancy (in lieu of waiver of permit and review fees).
o These incentives would be available for new commercial real estate and
business development in Fraser that commences construction prior to
January 1, 2019.
On a case by case basis, the Town of Fraser will also consider other incentives
such as tax increment financing, density bonuses, parking waivers, and grants.
Interested parties should submit proposals to the Fraser Town Manager. The Economic
Development Advisory Committee and Town Board commit to an initial response within
45 days.
Town of Fraser
PO Box 370, Fraser, CO 80442 office 970-726-5491 fax 970-726-5518
www.frasercolorado.com
Shelly asked a really good question….didn’t we discuss a 2 year start and 4 year completion clause? Yes the EDAC sure
did. However, as I was drafting this, it occurred to me that some of these terms are effective at start and others come into
play at completion. Use tax would be waived at building permit, and sales tax rebates would start (presumably) after
completion. My thought, and I should have clarified this in my distribution email, is that this one pager provides an overal l
framework to take to the Town Board and ultimately distribute as we discussed. However, we’ll also need an agreement
that sets all these terms into motion. My thought is that as soon as the Board blesses this, we’d need to get the attorney
working on a boilerplate agreement (so we can meet the 45 day provision). In t hat agreement we’d clarify the mechanics
and timing of all these terms (and the consequences of not achieving completion within 4 years and/or not fulfilling other
expectations such as actually being open for business).
Adopted by the Fraser Town Board
Via Resolution 2017-__-__