Introduced
by
To establish that the approval that a brownfield authority must get from local governments for a tax increment financing plan must come in the form of a resolution adopted by the local government’s legislative body. A tax increment financing plan or authority (TIF or TIFA) allows an authority to capture the increment of increased local property tax revenue that would result from the economic growth which it is supposed would be generated by the provision of new public facilities, or in the case of a brownfield, the cleanup and reuse of an abandoned industrial facilities. Money is borrowed to provide these new facilities or cleanups, and the “captured” increment of increased tax revenue is used to pay off the debt.
Referred to the Committee on Economic Development and Regulatory Reform
