Introduced
by
To require that the notice of a public hearing on creating a brownfield development authority with a tax increment financing plan must be mailed 30 days in advance to every jurisdiction whose tax revenue might be “captured” by the authority. A tax increment financing plan or authority (TIF or TIFA) allows an authority to capture the increment of increased local property tax revenue that would result from the economic growth which it is supposed would be generated by the provision of new public facilities, or in the case of a brownfield, the cleanup and reuse of an abandoned industrial facilities. Money is borrowed to provide these new facilities or cleanups, and the “captured” increment of increased tax revenue is used to pay off the debt.
Referred to the Committee on Economic Development and Regulatory Reform
