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 (TIF or TIFA). This allows an authority to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to be generated by the provision of new public facilities. Money is borrowed to provide these new facilities, and the “captured” tax revenue is used to pay off the debt.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 37 to 0 (details)
Referred to the Committee on Intergovernmental, Urban, and Regional Affairs
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that would allow the creation of these authorities "to promote residential growth in a residential district and . . . promote economic growth," rather than to "to halt property value deterioration and increase property tax valuation." The substitute also establishes a 30 year duration for an authority, which could be increased by a vote of the local government.
The substitute passed by voice vote
Passed in the House 104 to 0 (details)
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 (TIF or TIFA). This allows an authority to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to be generated by the provision of new public facilities. Money is borrowed to provide these new facilities, and the “captured” tax revenue is used to pay off the debt.
Passed in the Senate 37 to 0 (details)
