Transit investment areas - definition

(1) An urban renewal authority that is designated as a financing entity pursuant to part 4 of article 46 of title 24 has all of the powers necessary or convenient to carry out part 4 of article 46 of title 24, including the powers to receive state sales tax increment revenue generated within an approved transit investment area, as defined in section 24-46-402 (20), and disburse and otherwise use such revenue for all lawful purposes, including financing of eligible costs and the design, construction, maintenance, and operation of eligible improvements, as such terms are defined in section 24-46-402, or otherwise incorporated into the Colorado economic development commission's conditions of approval. (2) Notwithstanding section 31-25-107 (7), authorization to receive state sales tax increment revenue, pursuant to part 4 of article 46 of title 24, is not a substantial modification to the plan and corresponding changes to the plan may be made by the governing body of the authority to incorporate the use of state sales tax increment revenue without the requirement of submission to or approval by the governing body of a municipality that has established the authority pursuant to section 31-25-104 (1). (3) An urban renewal authority that receives state sales tax increment revenue, whether pursuant to designation as a financing entity pursuant to part 4 of article 46 of title 24, or pursuant to a contract entered into with any such financing entity, shall not use the state sales tax increment revenue to acquire property through the exercise of eminent domain. (4) Nothing in this section obviates or overrides the requirements for the authorization of a new urban renewal authority under this part 1. (5) As used in this section, unless the context otherwise requires, "state sales tax increment revenue" has the meaning set forth in section 24-46-402 (17).