Section 24-48.5-317 - Community revitalization grants - fund - reporting - compliance with federal requirements - legislative declaration - notice to revisor of statutes - definitions - repeal(1) As used in this section: (a) "Creative districts" has the same meaning as is specified in section 24-48.5-314 (2)(b).(b) "Division of local government" means the division of local government within the department of local affairs created in section 24-32-103.(c)(I) Prior to June 3, 2022, "eligible recipient" means an entity that is eligible to receive a grant through the grant program and includes local governments and for-profit and nonprofit entities and organizations.(II) On and after June 3, 2022, "eligible recipient" means a public entity or a nonprofit entity or organization that is otherwise eligible to receive a grant through the grant program.(d) "Fund" means the community revitalization fund created in subsection (6)(a) of this section.(e) "Grant program" means the community revitalization grant program established in subsection (2) of this section.(f) "Local government" means a county, municipality, city and county, special district, or school district.(2)(a) The community revitalization grant program is hereby established in the division. The purpose of the grant program is to provide state assistance in the form of grant awards to finance various projects across the state that are intended to create or revitalize mixed-use commercial centers. The grant program is intended to support creative projects in these commercial centers that would combine revitalized or newly constructed commercial spaces with public or community spaces including but not limited to such projects as:(I) Flexible live-work or vendor spaces for entrepreneurs, artists, persons employed in creative industries, and artisan manufacturers;(III) Mixed-use retail and workforce housing partnerships;(IV) Meeting spaces for community events;(V) The renovation or refurbishment of vacant or blighted property for creative industries, economic development, or historic preservation purposes;(VI) Child care centers; and(VII) Projects that are eligible for funding under the space to create Colorado program administered by the division.(3)(a) The division shall administer the grant program in consultation with the division of local government. The division may contract out part of its administrative duties under this section to a third-party administrative entity.(b) In connection with the administration of the grant program, the division and the division of local government shall collaborate in creating a process that ensures that grants are only considered and awarded after a fair and rigorous open competition among eligible grant recipients. The division and the division of local government shall also collaborate on the review of grant applications and the approval of grant awards. In connection with the review of grant applications and awards, the division shall solicit input from a stakeholder group that includes representation from the division, the department of local affairs, the Colorado housing and finance authority created in section 29-4-704 (1), a community development financial institution, the Colorado educational and cultural facilities authority created in section 23-15-104 (1)(a), history Colorado, and other relevant stakeholders, industry partners, housing advocates, and interested parties.(4) On or before December 1, 2024, the director of the division, in consultation with the director of the division of local government, or their designees, shall adopt policies, procedures, and guidelines for the grant program that include without limitation: (a) Procedures and timelines by which an eligible recipient may apply for a grant;(b) Criteria for determining grant eligibility and grant amounts; and(c) Reporting requirements for grant recipients.(5)(a) In awarding grants, the division shall give preference to projects that:(I) Are located in creative districts or in historic districts;(II) Are located in communities experiencing economic hardship;(III) Will stimulate community and economic development in part through creative industries;(IV) Have demonstrated an ability to commence work within a reasonable amount of time;(V) Demonstrate broad support from local governments and surrounding communities or neighborhoods;(VI) Demonstrate strong evidence of being able to attract additional sources of funding for the project;(VII) Incorporate sustainable affordable housing elements; and(VIII) Demonstrate a public benefit.(b) Notwithstanding any other provision of this section, in the case of any application for a grant from the fund that requests an amount in excess of one hundred thousand dollars, to the extent practicable, the grant award shall not exceed more than fifty percent of the total costs of the project to be funded by the grant.(6)(a) The community revitalization fund is hereby created in the state treasury. The fund consists of money transferred to the fund pursuant to subsection (7) of this section; money appropriated to the fund by the general assembly; and any gifts, grants, or donations from any public or private sources, including governmental entities, that the division is hereby authorized to seek and accept.(b) Except as otherwise required by this subsection (6)(b), all money not expended or encumbered, and all interest earned on the investment or deposit of money in the fund, must remain in the fund and shall not revert to the general fund or any other fund at the end of any fiscal year. The money in the fund is continuously appropriated to the division for the purposes of this section. Any money in the fund not expended or encumbered by December 31, 2022, reverts to the general fund; except that all money in the fund not expended or encumbered by December 31, 2022, that was transferred to the fund from the economic recovery and relief cash fund created in section 24-75-228 (2)(a), reverts to the economic recovery and relief cash fund.(7) On June 16, 2021, or as soon as practicable thereafter, the state treasurer shall transfer sixty-five million dollars from the general fund to the fund. On July 1, 2022, the state treasurer shall transfer to the fund four million four hundred seventy-eight thousand forty-two dollars from the economic recovery and relief cash fund created in section 24-75-228 (2)(a) that originate from the general fund and fourteen million eight hundred thousand dollars from the affordable housing and home ownership cash fund created in section 25-75-229 (3)(a) that originate from the general fund. The division shall use the money transferred pursuant to this subsection (7) only for:(a) Making grants to eligible recipients pursuant to the grant program; and(b) The costs of administering the grant program as may be incurred by the division, the division of local government, or any third-party entity in administering the same. Not more than four percent of the money appropriated to the division for purposes of this section may be used to cover the total administrative costs the division, the division of local government, and any third-party entity may incur in administering the grant program. All such administrative costs must be paid out of the money transferred to the fund pursuant to this subsection (7).(c)(I) The general assembly finds and declares that the grant program is an important government service that expedites economic recovery and revitalizes important economic infrastructure.(II) The division, with respect to expenditures made from money transferred to the fund from the economic recovery and relief cash fund created in section 24-75-228 (2)(a), and any eligible recipient that receives a grant that includes money transferred to the fund from the economic recovery and relief cash fund shall comply with the compliance, reporting, record-keeping, and program evaluation requirements established by the office of state planning and budgeting and the state controller in accordance with section 24-75-226 (5).(III) To be eligible to receive a grant that includes money transferred to the fund from the economic recovery and relief cash fund created in section 24-75-228 (2)(a), and that will be used wholly or partly to fund a capital project, a grant applicant must submit to the division a written justification as set forth in 31 CFR 35.6 (b)(4) for the capital expenditure; except that this requirement does not apply if the division determines that the written justification is not required based on how the expenditures authorized under this section will be reported to the United States department of the treasury.(8)(a) On or before November 1, 2024, and on or before November 1, 2026, the division shall publish a report summarizing the use of all of the money that was awarded as grants under the grant program in the preceding fiscal year. At a minimum, the report shall specify the amount of grant money distributed to each grant recipient and a description of each grant recipient's use of the grant money. The report must be posted on the website of the office of economic development created in section 24-48.5-101.(b) In its presentation to the joint committees of reference pursuant to section 2-7-203, the office of economic development, created in section 24-48.5-101, shall summarize the information contained in the report published by the division pursuant to subsection (8)(a) of this section.(9) This section will be repealed if all money transferred or otherwise credited to the community revitalization fund pursuant to this section is expended. The director of the division shall notify the revisor of statutes in writing of the date when the condition specified in this subsection (9) has occurred by e-mailing the notice to revisorofstatutes.ga@coleg.gov. This section is repealed, effective upon the date identified in the notice that all money transferred or otherwise credited to the community revitalization fund pursuant to this section is expended, or, if the notice does not specify that date, upon the date of the notice to the revisor of statutes.Amended by 2024 Ch. 268,§ 4, eff. 5/28/2024.Amended by 2022 Ch. 352, § 1, eff. 6/3/2022.Added by 2021 Ch. 242, § 1, eff. 6/16/2021.This section is repealed when all money transferred or otherwise credited to the community revitalization fund pursuant to this section is expended. The director of the division shall notify the revisor of statutes in writing when the condition specified in subsection (9) has occurred by e-mailing the notice to revisorofstatutes.ga@coleg.gov. This section is repealed upon the date identified in the notice that all money transferred or otherwise credited to the community revitalization fund pursuant to this section is expended or upon the date of the notice to the revisor of statutes if the notice does not specify a different date. As of publication date, the revisor of statutes has not received the notice referred to in subsection (9).