Introduced
by
To authorize local governments to create "water resource improvement tax increment financing authorities" with the purpose of using "captured" tax revenues to pay for broadly defined "water resource improvement" projects that aid in "water resource improvement" and economic growth, including streets, plazas, pedestrian malls, and any improvements to these including street furniture and beautification, parks, parking facilities, recreational facilities, right of way acquisitions, structures, waterways, bridges, lakes, ponds, canals, utility lines or pipes, sewer systems, water systems, storm water systems, or buildings that aid. A municipality could condemn and take property under its eminent domain powers and give the property to the authority. A municipality could also add special assessments to property tax bills to pay for these projects, and could create a tax increment finance authority (TIFA) to "capture" the increment of extra local property tax revenue that would result from the economic growth which might be generated by the "water resource" improvements. The “captured” tax revenue would be used to pay off the debt incurred by borrowing to provide these new facilities.
Referred to the Committee on Natural Resources and Environmental Affairs
Reported without amendment
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that does not explicitly authoeize condemnation of private property under eminent domain by the local goverment on behalf of the water resource authority, and which revises various other details in ways that do not change the substance of the bill as previously described. This was amended to clarify that the TIFA can't be used to pay the debt to purchase chemical treatment of waters for aquatic nuisance control, but only for infrastructure.
The substitute passed by voice vote
Passed in the Senate 36 to 0 (details)
Referred to the Committee on Natural Resources, Great Lakes, Land Use, and Environment
