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Senate Bill 70: 2011 Changes to TIF Financing Law J. Craig Smith Kyle C. Fielding
TIF Financing -- Redevelopment -- Tax Increment Finance -- Urban Renewal -- Economic Development -- Community Development © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
Taxing Entity Committees -- TEC approval required for Urban Renewal and Economic Development Projects -- TEC approval not required for Community Development Project © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
2011 Changes to TEC Voting -- Since 2006, all TEC approvals have required a 2/3 supermajority vote - Blight Finding - Project Area Budget Approval - Budget Amendments or Extensions -- SB 70 from 2011 Legislature changed the rules on certain types of projects © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
2011 Changes to TEC Voting -- Now, only Simple Majority required for any approval related to: - Inactive industrial site - Inactive Airport Site - Closed military base -- All other approvals still require 2/3 majority vote © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
A Few More TEC Changes -- Cant hold TEC meeting on a day on which the Legislature is in session, unless TEC members give unanimous consent otherwise -- Annual report instead of annual meetings (more on this later) © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
A Few More TEC Changes -- TEC approvals not subject to repeal, amendment or reconsideration without Agency consent -- TEC can waive the requirement that a city backstop an inter-project area loan © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
Clarified the Receipt of Tax Increment -Across much of the state, agencies were experiencing trouble with collecting the right amount of tax increment under approved project area budgets -Counties began paying tax increment based on Agency requests or November (annual) Reports -This is not how the statute was set up -SB 70 clarified that agencies are entitled to receive the amount shown in an approved project area budget, and that November (annual) Reports are for informational purposes only (i.e., they are not Requests) © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
Business Resource Centers -- SB 70 now expressly authorizes the use of tax increment funds for administrative purposes, including funding for a business resource center -- No geographic limitation -- Money can come out of the administration portion of an approved Project Area Budget © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
Project Area Extensions -- Two ways to extend collection of tax increment in an existing project area: (1) Budget Amendment (requires TEC approval) (2) Extensions under SB 70 © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
Project Area Extensions under SB 70 -- Base value remains constant -- Interlocal agreement with each taxing entity (unanimous approval not required) -- Agency holds a public hearing, and then approves the extension © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
Blight Criteria (Urban Renewal) A finding of blight within an Urban Renewal Survey Area requires, among other things, a finding that: (A) at least 50% of the privately-owned parcels within the proposed project area are affected by at least one of the [Blight] factors; and (B) the affected parcels comprise at least 66% of the privately-owned acreage of the proposed project area © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
Questions? J. Craig Smith email@example.com Kyle C. Fielding firstname.lastname@example.org SMITH HARTVIGSEN, PLLC Telephone: (801) 413-1600 Fax: (801) 413-1620 © Copyright Smith Hartvigsen, PLLC 2011, all rights reserved
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