2004 Senate Bill 1202 ↩

House Roll Call 1058: Passed

To authorize the creation by local governments of “historical neighborhood” tax increment finance 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 1241.