Corporate Welfare in Colorado Recap

Proposition CC was defeated at the polls, but taxpayer dollars are still being wasted via corporate welfare. Patti Kurgan summarizes her earlier reporting on the rampant corporate welfare abuse in Colorado.

Corporate Welfare in Colorado Recap

The Kim Monson Show has been reporting on corporate welfare for the past three and a half weeks. This includes two articles: The Colorado Office of Economic Development’s Policy of Corporate Welfare and Tax Incremental Financing and Corporate Welfare. Below is a summary of the corporations discussed with the total amount of corporate subsidies received from different Colorado state agencies as calculated by Good Jobs First.

It is important to keep two key elements in mind when reviewing this information. First, the Colorado State Constitution specifically states in Article XI Section 2 “no aid to corporations” with very few and limited exceptions. It concludes:

“Nothing in this section shall be construed to prohibit any city or town from becoming a subscriber or shareholder in any corporation or company, public or private, or a joint owner with any person, company, or corporation, public or private, in order to effect the development of energy resources after discovery, or production, transportation, or transmission of energy in whole or in part for the benefit of the inhabitants of such city or town.”

Second, The Urban Renewal Legislative Declaration CRS 31-25-102 needs to be referenced in regards to government assistance, specifically with the use Tax Incremental Financing (TIF). It states:

(1) The general assembly finds and declares that there exist in municipalities of this state slum and blighted areas which constitute a serious and growing menace, injurious to the public health, safety, morals, and welfare of the residents of the state in general and of the municipalities thereof; that the existence of such areas contributes substantially to the spread of disease and crime, constitutes an economic and social liability, substantially impairs or arrests the sound growth of municipalities, retards the provision of housing accommodations, Colorado aggravates traffic problems and impairs or arrests the elimination of traffic hazards and the improvement of traffic facilities; and that the prevention and elimination of slums and blight is a matter of public policy and statewide concern in order that the state and its municipalities shall not continue to be endangered by areas which are focal centers of disease, promote juvenile delinquency, and consume an excessive proportion of its revenues because of the extra services required for police, fire, accident, hospitalization, and other forms of public protection, services, and facilities.”

It continues:

“ (3) The general assembly further finds and declares that the powers conferred by this part 1 are for public uses and purposes for which public money may be expended and the police power exercised and that the necessity in the public interest for the provisions enacted in this part 1 is declared as a matter of legislative determination.”

We should not be extending “aid” to corporations in the form of tax credits/rebates, grants, training reimbursements, and all other types of subsidies. Reviewing the TIFs that have been extended in “urban renewal areas,” one can only conclude that there has been tremendous misuse and abuse of TIFs.

TOP COLORADO SUBSIDIES, ALSO KNOWN AS “CORPORATE WELFARE.”

Top Colorado Corporate Subsidies, Also Known as "Corporate Welfare"  
Date DiscussedName of CorporationSubsidy Amount
10.7.2019NextEra Energy$41,544,654
10.8.2019Arrow Electronics$19,261,104
10.9.2019United Continental$17,438,823
10.10.2019Xcel Energy$17,230,774
10.11.2019Black Hills$15,719,114
10.14.2019Leprino Foods$15,356,067
10.15.2019Suncor Energy$14,157,571
10.16.2019Encana$14,117,123
10.17.2019BP America$9,457,649
10.18.2019GCC Rio Grande$9,393,261
10.21.2019Union Pacific$11,215,113
10.22.2019WPX Energy$9,694,920
10.23.2019Woodward$8,273,565
10.24.2019Occidental Petroleum/Anadarko Petroleum Corp.$11,181,553
10.25.2019Visa$7,286,489
10.28.2019Broadband$6,591,850
10.29.2019Redwood Trust$5,385,600
10.30.201925 Top Tax Incremental Financing Deals (TIFs)
Starwood Property Trust$300,000,000
Forest City Stapleton, Inc.: Park Creek Metropolitan District$286,000,000
Cherokee Denver$85,000,000
Lowry Redevelopment Authority$72,600,000
9th Avenue (Denver) Land, LLC$47,860,000
Ascent Entertainment Group$36,500,000
Seven Seventeen HB Denver Corporation$33,000,000
Entertainment Development Group$31,500,000
Sage Hospitality Resources$21,055,000
Antonoff Miller Properties, Inc.$16,700,000
New Elitch Gardens, Ltd.$10,900,000
EFG-Brownfield Partners$10,000,000
Stonebridge Companies$10,000,000
City Park South Investments, LLC$8,000,000
Oakwood Homes; Denver Health & Hospitals$7,400,000
Brighton Corporation$7,300,000
Post Properties; The Fullerton Company; Martin Fein Interest Ltd.$7,000,000
Sloans Block 3, LLC$6,995,000
3330 Brighton Blvd. LLC$6,500,000
Recreational Equipment, Inc.$6,274,000
HGV Land Company, LLC$5,750,000
Marycrest Land, LLC$5,600,000
Target Corporation$5,000,000
2560 Welton LLC$4,200,000
Westwood Crossing Commercial, LLC and Westwood Crossing LLLP$4,000,000
10.31.2019Comanche Solar PV, LLC$5,300,992
11.1.2019Cognizant Technology Solutions$12,907,491
11.4.2019DaVita$8,370,107
11.5.2019Charles Schwab$8,243,114
Total Corporate Colorado Subsidies Discussed$1,303,260,934

We will continue our reporting on corporate welfare within the state of Colorado. We believe it is an important conversation to have. Our intent is to motivate you to become involved. Citizen participation is key to bringing the misuse and abuse of taxpayer money for the benefit of “select” corporations to an end. Colorado communities have been successful in stopping the flow of “corporate welfare.” We must hold our PBIs (Politicians, Bureaucrats and Interested Parties) accountable for their actions. Stand for Colorado!

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One Response

  1. Interesting AND disheartening at the same time…SO…Colorado pays out over a billion dollars to have Companies that want to do business in Colorado (already wildly successful businesses) While this and other frivolous spending goes unnoticed, The State legislate for more funding to keep its citizens focused on roads, schools, insurance, and the other immoral activity fundings…this pours, not trickles, down to the counties and cities… and by the time the general public hears about it, it is far too late to effect any changes… Then again every other election cycle for all areas of the state come and go without ever mentioning the bucket without a bottom being continuously filled…Can you just imagine what would happen, or will happen when TABOR finally gets amended right out of existence?

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