2004 House Bill 6127 ↩

House Roll Call 868: 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 (TIFA) plans (see introduced version for TIFA description).