April 24, 2012(Key vote)
Title: Limits Tax Increment Financing
Vote Smart's Synopsis:
Vote to pass a bill that regulates tax increment financing (TIF) in local municipalities.
Requires each board of trustees that has provided for a division of revenue in the rural improvement zone during the most recently ended fiscal year to file a report with the Department of Management on tax increment financing by December 1 following the end of that fiscal year (Sec. 9).
Requires each local government that had an urban renewal plan and area in effect at any time during the most recently ended fiscal year to file a report with the Department of Management by December 1 following the end of that fiscal year (Sec. 12).
Requires the reports on an urban renewal plan or area in effect to include certain details including, but not limited to, the following (Sec. 12):
The type of area:
A slum area;
A blighted area;
An economic development area; or
A combination of those areas;
The map clearly identifying the boundaries of the area;
The types of expenditures and amounts that remain unpaid:
The copy of the ordinance providing for a division of revenue in the urban renewal zone; and
The total amount of property taxes that were exempted, rebated, refunded, or reimbursed by the city.
Requires all reports on tax increment financing, urban renewal plans, and urban renewal areas in effect to be made publically available online through a searchable database by the Department of Management in collaboration with the Legislative Services Agency by December 1, 2012 (Sec. 9).
Prohibits tax increment financing from being used for an urban renewal project that involves the relocation of a commercial or industrial enterprise that is not already in the municipality, unless the following applies (Sec. 19):
The local government where the enterprise is currently located and the local government where the enterprise is proposing to relocate has approved the relocation in writing; or
The local government where the enterprise plans to relocate can show that the relocation is in the public interest.