A. The property tax increment method shall be applicable only to the units of government participating in property tax revenue derived from the properties within the district.
B. A local government shall request an approval for up to a twenty-year period for property included in the tax increment funding. The governor or the governor's authorized representative shall approve, partially approve or disapprove the use of the method for state government; the governing body of each other participating unit shall approve, partially approve or disapprove by ordinance or resolution the use of the method for its respective units.
C. At the request of a participating unit of government, made within ten days of receipt of the request by the local government, the local government shall make a presentation to the governor or the governor's authorized representative and to the governing bodies of all participating units of government, which presentation shall include a description of the metropolitan redevelopment project and the parcels in the project to which the tax increment method will apply and an estimate of the general effect of the project and the application of the tax increment method on property values and tax revenues. All participating units shall notify the local government seeking approval within thirty days of receipt of the local government's request. At the expiration of that time, the alternative method of financing set forth in this section shall be effective for a period of up to twenty tax years.
History: Laws 1979, ch. 391, § 23; 1987, ch. 316, § 2; 1995, ch. 92, § 1; 2000, ch. 103, § 3; 2018, ch. 60, § 22.
ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties; replaced "municipality" and "governing body" with "local government" throughout the section; added subsection designations "A" through "C"; and in Subsection A, after "tax revenue derived from", deleted "property within a metropolitan redevelopment project and approving the use of the tax increment method for that property and only to the extent of the approval. An approval may be restricted to certain types or sources of tax revenue", and after the next occurrence of "the", added "properties within the district".
The 2000 amendment, effective May 17, 2000, inserted the fifth sentence and inserted "municipality's" in the sixth sentence.
The 1995 amendment, effective June 16, 1995, substituted "up to a twenty-year period" for "a ten-year period" in the third sentence and "up to twenty tax years" for "ten tax years" at the end of the last sentence.
The 1987 amendment, effective June 19, 1987, in the first sentence, near the beginning, substituted "applicable only to" for "used only upon prior approval by a majority of" and added at the end "and approving the use of the tax increment method for that property and only to the extent of the approval", inserted the second sentence, in the third sentence substituted "ten-year period" for "five-year period", in the fourth sentence inserted "partially approve" preceding "or disapprove" both places it appears, and in the sixth sentence, substituted "at the expiration of that time" for "upon approval by a majority of the participating units of" at the beginning and "effective for a period of ten tax years" for "deemed approved for a period of five tax years."