Changes to Existing Law

The governing body shall submit the project plan and financing plan for the district to an independent, third party to provide: (1) A cost-benefit analysis of the project; (2) An estimate for the expected change in the distribution of property taxes over time resulting from the project; and (3) An estimate for the expected effects on employment, housing, and economic output resulting from the project. 26

Terms used in this chapter mean: (1) "Department," the Department of Revenue; (2) "District," a tax increment financing district; (3) "Financing plan," the intended methods and revenue sources by which the political subdivision is to pay for the project costs; (4) "Governing body," the board of trustees, the board of commissioners, the board of county commissioners, or the common council of a municipality; (4)(5) "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)(6) "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)(7) "Political subdivision," a municipality, as defined in § 11-6-1, or county of this state; (7)(8) "Project plan," the properly approved plan for the development or redevelopment of a tax increment financing district including and all properly approved amendments to the plan; (8)(9) "Tax increment financing district," a contiguous geographic area within a political subdivision defined and created by resolution of the governing body; (9)(10) "Taxable property," all real and personal taxable property located in a tax increment financing district; and 26 (10)11 "Tax increment valuation," the total value of the tax increment financing district minus the tax increment base as determined pursuant to § 11-9-19.

The resolution required by § 11-9-5 shall must contain the following findings: (1) Not less than twenty-five percent, by area, of the real property within the district is a blighted area or not less than fifty percent, by area, of the real property within the district will stimulate and develop the general economic welfare and prosperity of the state through the promotion and advancement of industrial, commercial, manufacturing, agricultural, or natural resources development; and (2) The improvement of the area is likely to significantly enhance the value of substantially all other real property in the district; and (3) The review required by section 3 of this Act indicates that the social or economic benefits of the project exceed its costs to property owners and political subdivisions authorized to impose a property tax within the boundaries of the district. It is not necessary to identify the specific parcels meeting the criteria. No county may create a district located, in whole or in part, within a municipality, unless the governing body of the municipality has consented to creation of a district by resolution.