Introduced
by
To require a local government that votes to establish a brownfield redevelopment tax increment financing authority (TIFA) to use certified mail when it notifies the other units of government that would be affected by the potential loss of future property tax revenue “captured” by the TIFA. A TIFA "captures" the increment of extra local property tax revenue that would result from the property value growth which might be generated by certain improvement or clean up projects. The “captured” tax revenue would be used to pay off the debt incurred by borrowing to subsidize these activities.
Referred to the Committee on Commerce
