11-9 TAX INCREMENT FINANCING DISTRICTS
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TAX INCREMENT FINANCING DISTRICTS
Definition of terms.
Municipal powers related to districts.
Planning commission hearing on creation of district--Notice.
Recommendation by planning commission for creation of district--Designation of
Governing body resolution creating district--Boundaries--Name.
Districts with overlapping boundaries permitted.
Maximum percentage of taxable property in municipality permitted in districts.
Required findings in resolution creating district.
Areas conducive to disease or crime defined as blighted.
Developed areas impairing growth defined as blighted.
Open areas impairing growth defined as blighted.
Determination of tax increment base on creation of district or amendment of plan.
Project plan for each district--Contents.
Project costs defined.
Items included in project costs.
Additional contents of project plan.
Governing body resolution approving project plan_Findings.
Amendment to project plan--Procedure.
Tax increment base defined.
Determination of tax increment base of district.
Aggregate assessed value for district not in compliance with § 10-6-33.8.
Indication on assessment rolls of parcels within district.
Presumption as to property recently acquired or leased by municipality.
Redetermination of tax increment base when project costs increased by amendment
Annual notice by department of assessed value of real property and tax increment
base--Change in laws not to result in lower assessed values--Conditions.
Allocation to municipality of tax increments--Duration of allocation.
Tax increment defined.
Taxation of property in district.
Payment to municipality of allocable tax increment.
Methods of paying project costs.
Tax increments deposited in special fund--Municipal appropriations to fund--Investment of moneys in fund.
Permissible uses of special fund.
Bonds authorized for payment of project costs.
Bonds or contracts authorized by resolution.
Maximum amount of bonds--Maturity--Redemption--Bearer or registered--Denominations.
Bonds payable only from special fund.
Pledge of special fund to bonds--Restrictions on use of fund--Lien.
Bonds to be negotiable and payable only from tax increment.
Other security and marketability provisions.
State pledge not to alter rights vested in bondholders until bonds fully discharged.
Sale of bonds.
Procedure for condemnation under power of eminent domain.
Tax increments not to be used for residential structures.
Performance bond required of purchaser or lessee of property.
Notice to purchaser or lessee and surety of noncompliance with contract--Taking
possession of work site.
Disposition of funds remaining after payment of project costs and bonds.
Termination of district
Reports of tax increment financing districts published on department website.
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