Introduced
by
To authorize the creation by local governments of “neighborhood improvement” authorities. These would be granted broad powers to create government programs intended to eliminate the causes of neighborhood deterioration, promote residential growth, and promote economic growth. The authorities would have the power to borrow, to receive revenue from property tax special assessments levied by the local government, and to accept the transfer of property condemned for the purpose by the local government under its power of eminent domain. They could also create tax increment financing plans. These “capture” the increment of increased local property tax revenue anticipated from the economic growth which it is hoped will be generated by the construction of new public facilities. Money is borrowed to fund the new facilities, and the “captured” tax revenue is used to pay off the loan. See also Senate Bill 1202.
Referred to the Committee on Commerce and Labor
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass. The committee further recommends that the bill be given immediate effect.
Substitute offered
To replace the previous version of the bill with one that clarifies procedures for when a proposed neighborhood improvement authority's tax increment financing plan (TIF) overlaps that of another authority's TIF, and which makes many other technical changes resulting from committee testimony and deliberation.
The substitute passed by voice vote
Passed in the Senate 36 to 0 (details)
Referred to the Committee on Land Use and Environment
