Introduced by Rep. Stacy Erwin Oakes (D) on March 21, 2013 To empower Downtown Development Authorities to borrow and spend the loan proceeds on “marketing initiatives," "infrastructure improvements" and more that "promote local agriculture products and farmers markets." The debt incurred by these "tax increment financing" schemes is repaid by "capturing" from other local taxing units the increased property tax revenue that the DDA's subsidies and spending are presumed to generate. Official Text and Analysis.
Referred to the House Commerce Committee on March 21, 2013
Reported in the House on January 22, 2014 Without amendment and with the recommendation that the bill pass.