5-15-5. Contents of tax increment development plan.
300 words·~1 min read·
/nm/chapter-5-municipalities-and-counties/article-15-tax-increment-for-development/5-15-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A tax increment development plan shall include:
A. a map depicting the geographical boundaries of the area proposed for inclusion within the tax increment development area;
B. the estimated time necessary to complete the tax increment development project;
C. a description and the estimated cost of all public improvements proposed for the tax increment development project;
D. whether it is proposed to use gross receipts tax increment bonds or property tax increment bonds or both to finance all or part of the public improvements;
E. the estimated annual gross receipts tax increment to be generated by the tax increment development project and the portion of that gross receipts tax increment to be allocated during the time necessary to complete the payment of the tax increment development project;
F. the estimated annual property tax increment to be generated by the tax increment development project and the portion of that property tax increment to be allocated during the time necessary to complete the payment of the tax increment development project;
G. the general proposed land uses for the tax increment development project;
H. the number and types of jobs expected to be created by the tax increment development project;
I. the amount and characteristics of workforce housing expected to be created by the tax increment development project;
J. the location and characteristics of public school facilities expected to be created, improved, rehabilitated or constructed by the tax increment development project;
K. a description of innovative planning techniques, including mixed-use transit- oriented development, traditional neighborhood design or sustainable development techniques, that are deemed by the governing body to be beneficial and that will be incorporated into the tax increment development project; and
L. the amount and type of private investment in each tax increment development project.
History: Laws 2006, ch. 75, § 5.