C.R.S. § 24-46-408: Commencement of development.

(1) Substantial work on a transit investment project, including the financing entity's issuance of bonds or other debt instruments, the repayment of which is secured by a pledge of the state sales tax increment revenue or the commencement of actual development or predevelopment, such as erecting permanent structures, excavating the ground to lay foundations, mass grading of the site, or work of a similar description that manifests an intention and purpose to complete the project must commence within five years from the date of the commission's approval of the project.

(2) If substantial work on the transit investment project toward the goals specified in the application pursuant to section 24-46-403 does not commence within five years of the commission's approval, the commission may revoke or modify its approval of the financing entity or the project. Revocation of approval may be appealed to the commission, which may reinstate its approval upon a showing of good cause for the delay. If substantial work on the project does not commence within one year of reinstatement of approval from the commission, the commission shall revoke approval of the project.

(3) Upon the revocation of the approval of a financing entity or the transit investment project:

(a) Except as otherwise provided in subsection (3)(b) of this section, the commission may require the financing entity to refund to the state treasurer any state sales tax increment revenue that the project has generated or that the financing entity has collected from the time of the original approval for the project or financing entity;

(b) Any state sales tax increment revenue that the transit investment project has generated or that the financing entity has collected from the time of the original approval for the project or financing entity may remain dedicated to the project only to the extent that it has been previously expended or pledged by the financing entity for the financing of eligible costs; and

(c) The state shall not remit further funds to the revoked financial entity or transit investment project.

(4) In evaluating whether substantial work has been commenced for purposes of administering this section, the commission shall rely on the information and data supplied in the annual reports submitted by the financing entity or certified public accountant pursuant to section 24-46-407 and any supplemental data deemed necessary by the commission.

(5) Failure of a project to comply with the hiring, apprenticeship, and workforce standards applicable to infrastructure projects that are financed by the building urgent infrastructure and leveraging dollars authority as required by section 24-117-105 (6), to the extent applicable, constitutes grounds for the commission to revoke or modify project approval pursuant to this section. Prior to revoking project approval pursuant to this subsection (5), the commission shall provide notice and an opportunity to cure.

(6) The commission only has the authority to revoke its approval of a financing entity or a transit investment project pursuant to this section.