Summary
OEDIT is embarking on a two-year process to redesignate the enterprise zones 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 twenty-five percent 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 twenty-five percent 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 seventy-five percent 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 and 150,000 in rural areas.
Overview
Type: Tax Credits
For: Economic Development Organizations, Businesses, Nonprofit Organizations
Application period: 2024-2025
OEDIT division: Business Funding & Incentives
The Enterprise Zone Designation Tool displays Census Geographies (counties, county subdivisions, tracts, block groups, and census designated places) in Colorado that are eligible for consideration in the 2024/2025 Enterprise Zone Redesignation Process based on American Community Survey data provided in accordance with the eligibility criteria outlined above. These geographies are not guaranteed to be included in an Enterprise Zone as a result of the redesignation process; rather, the Tool is meant to help identify areas that qualify.
The Tool also includes a form that allows the public to provide input on the 2024/2025 Enterprise Zone Redesignation Process. Specifically, we're looking for your insight into which areas should – or should not - be included in an Enterprise Zone and why. Your input will be shared with the local enterprise zone administrator that manages your respective Enterprise Zone for their consideration before they officially apply to redesignate your Zone.
For assistance navigating the Tool, please review the 2024/2025 Enterprise Zone Redesignation Tool Help Guide, (Google Doc) or register for one of the webinars provided below.
To learn more about how to utilize the new Enterprise Zone Redesignation Tool, there are two free webinars that you may register for below.
Webinar Dates:
OEDIT will provide a more specific timeline here as dates are decided upon.
- August 2024 - Spring 2025: the public may provide feedback on areas to include — or not include — in an enterprise zone via the Redesignation Tool Input Form (review 2024/2025 Enterprise Zone Redesignation Tool Help Guide, (Google Doc) to follow the steps and access the form)
- Spring 2025: Enterprise Zone Administrators’ applications for new zone designations are due
- Spring - Fall 2025: OEDIT & the Economic Development Commission review and ultimately approve new zone designations
- January 1, 2026: new zone designations and boundaries are effective
Program Managers
