Summary:
The Colorado Office of Economic Development & International Trade (OEDIT) is embarking on a two-year process to redesignate the Enterprise Zone areas associated with the Enterprise Zone Program. Per the Enterprise Zone statute, OEDIT and the Colorado Economic Development Commission are required to review the enterprise zone designations no less frequently than once every ten years to ensure that the zones continue to meet at least one of the following enterprise zone eligibility criteria:
- An Unemployment rate at least 25% above the state average for the most recent period of twelve consecutive months for which data is available from the United States Census Bureau or the Department of Local Affairs;
- A population growth rate less than 25% of the state average rate for the most recent five-year period for which data are available from the United States Census Bureau or the Department of Local Affairs; or, if such data is not available for any five-year period, for the most recent period of not less than five nor more than ten years for which such data is available;
- A per capita income less than 75% of the state average for the most recent period for which data is available from the United States Census Bureau or the Department of Local Affairs;
- SB24-190 allows an area that is both rural and a Tier One Coal Transition Community to automatically qualify as an Enterprise Zone.
Additionally, the population cap for an Enterprise Zone is 115,000 in urban areas, such as the Pikes Peak EZ, and 150,000 in rural areas.