2004 House Bill 5815 ↩

House Roll Call 462: Passed

To require a downtown development authority considering new or tax increment financing plans to notify county authorities by certified mail of the public hearing which is required for such a plan. Tax increment financing allows an authority to capture the increment of increased local property tax revenue that results from the economic growth which is supposed to result because of new public facilities. Money is borrowed to fund the new facilities, and the “captured” tax revenue is used to pay off the loan.