Longmont urban-renewal authority to consider 25-year tax agreements for 1st and Main, Twin Peaks
The agreements would direct future property-tax growth toward redevelopment and public improvements in two urban-renewal areas.
The Longmont Urban Renewal Authority will consider two 25-year agreements Sept. 15 that would direct future property-tax growth toward redevelopment and public improvements in the 1st and Main and Twin Peaks Mall urban-renewal areas.
The proposed agreements would cover five parcels where the 1st and Main urban-renewal area overlaps with the Longmont Downtown Development Authority’s boundaries and Tax Increment Financing Area No. 2 in the Twin Peaks Mall area. The meeting has not yet occurred, so neither agreement has been adopted.
The LURA agenda lists Resolution LURA-2026-11, an agreement with the downtown development authority, and Resolution LURA-2026-12, an agreement with the Northern Colorado Water Conservancy District.
Under the proposed 1st and Main agreement, the authority would collect the applicable property-tax increment from the overlapping parcels and return to the downtown development authority the increment attributable to its 5-mill levy. The authority would retain the downtown development authority’s existing base-value revenue.
The LURA packet describes the 1st and Main area as roughly 35 acres planned for mixed-use redevelopment and public improvements. Its financial model estimates that agreements with other taxing entities could provide about $19.5 million in property-tax increment to the authority over the urban-renewal period, or about 61% of the modeled overall increment. The model also estimates about $19.5 million in downtown development authority revenue would be forgone during the term.
The proposed Twin Peaks agreement covers about 148.853 acres between Nelson Road, Hover Road, Ken Pratt Boulevard and Sunset Street. It would pass 100% of the Northern Water district’s attributable increment to the district for up to 25 years, or until related obligations are paid. The packet describes the agreement as financially neutral to the authority because the district’s increment would be remitted rather than retained.
The Twin Peaks proposal applies only to Tax Increment Financing Area No. 2 and would not change existing Twin Peaks tax-increment agreements. The packet describes planned mixed-use redevelopment and says tax-increment financing could pay eligible public and private improvements, but it does not estimate the district’s future revenue.
Longmont City Council previously approved the 1st and Main urban-renewal plan and authorized up to $38 million in financing for a planned downtown transit-center parking garage and related improvements. The proposed 1st and Main agreement identifies 2026 as the base year, with collections through the 2051 assessment roll and eligibility to receive revenue through 2052. After the urban-renewal period ends or related obligations are repaid, the agreement calls for the pre-plan tax division to be restored.