Introduced
by
To revise the definition of "eligible obligations" in the law authorizing downtown development authorities (DDAs), to include certain management contracts or contracts for professional services entered into by an authority before August 19, 1993. This affects tax increment financing used by DDAs, which allows them to capture increased local property tax revenue, but not school tax revenue, that results from their financing of certain improvement projects. Due to limitations on local property tax rates imposed by Proposal A starting in 1994, the payment of some existing obligations could not be met without an exemption to those limits. This bill exempts one of those obligations from that limitation.
Referred to the Committee on Commerce
