Weld schools approve use of tax revenue for Firestone improvements

FIRESTONE — The Town of Firestone and Weld RE-1 School District have entered into an agreement authorizing tax revenues from the school district to be used for Urban Renewal Area improvements.

The agreement was struck in anticipation that the Northern Firestone Urban Renewal Plan Area will ultimately be created.

Whenever a new Urban Renewal Area is created, taxing entities within that area must give their approval for their tax revenues to be used as a part of tax-increment financing.

This agreement also relates to a property located both within the Town of Firestone and the school district, requiring the developer of new homes on the property to pay a fee to assist the district in the development of public school sites.

“Firestone has worked hard to establish positive working relationships with local jurisdictions,´ said Firestone mayor Chad Auer. “None of these relationships are more important than with school districts.”

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