11-9-1. Definition of terms.

Terms used in this chapter mean:

(1)    "Department," the Department of Revenue;

(2)    "District," a tax increment financing district;

(3)    "Governing body," the board of trustees, the board of commissioners, the board of county commissioners, or the common council of a municipality;

(4)    "Grant," the transfer of money or property to a transferee for a governmental purpose that is not a related party to or an agent of the political subdivision;

(5)    "Planning commission," a planning commission created under chapters 11-2 or 11-6, a planning committee of a governing body of a political subdivision that does not have a planning commission, or the governing body of a political subdivision that does not have a planning commission or planning committee;

(6)    "Political subdivision," a municipality, as defined in § 11-6-1, or county of this state;

(7)    "Project plan," the properly approved plan for the development or redevelopment of a tax increment financing district including all properly approved amendments to the plan;

(8)    "Tax increment financing district," a contiguous geographic area within a political subdivision defined and created by resolution of the governing body;

(9)    "Taxable property," all real and personal taxable property located in a tax increment financing district;

(10)    "Tax increment valuation," the total value of the tax increment financing district minus the tax increment base as determined pursuant to § 11-9-19.

Source: SL 1978, ch 91, § 1; SL 1991, ch 114, § 1; SL 1992, ch 60, § 2; SL 1996, ch 69, § 16; SL 2003, ch 272 (Ex. Ord. 03-1), § 82; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011; SL 2011, ch 73, § 1; SL 2018, ch 70, § 7; SL 2024, ch 45, § 1.