The timing is not right for RTD tax increase

The RTD Board of Directors has decided not to pursue a FasTracks sales tax increase in 2011. At a Special Board Meeting on April 26, the RTD Board decided that the timing was not right to put the matter before the public this year.

“We remain committed to continuing to work with our regional partners to complete FasTracks sooner rather than later,” said RTD Board Chair Lee Kemp.

The current FasTracks Financial Plan assumes a 2012 sales tax increase of .4 percent to complete FasTracks by 2020. A separate, formal vote in the future will be required for a sales tax election in 2012. Without a tax increase in the near future, RTD estimates that completion of the final FasTracks program elements would not occur until 2042.

The FasTracks investment initiative is projected to create thousands of construction-related jobs during the height of construction, and will pump billions of dollars into the regional economy over the next 20 years.

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