Honorable Phil King, Chair, Senate Committee on Economic Development
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
SB2539 by Bettencourt (Relating to the adoption of an ordinance issuing a tax increment bond by certain municipalities that have designated a tax increment reinvestment zone.), As Introduced
No fiscal implication to the State is anticipated.
The bill would modify the process by which a municipality, designating a reinvestment zone, could adopt an ordinance issuing a tax increment bond.
The bill would require that in order for a municipality to adopt an ordinance to issue a tax increment bond, the municipality must provide written notice to each property owner in the zone of the date and time of the hearing at which the adoption would be considered; and that the ordinance be passed by a majority of the governing body of the municipality.
Local Government Impact
The bill's requirement that a municipality provide written public notice to each affected property owners could result in a cost to municipalities.