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Committee adopts amendment to expand projects eligible for tax-increment financing
Summary
The Housing & Community Development Committee voted to adopt amendment A00354 to House Bill 359, expanding eligible tax-increment financing projects and authorizing agreements with municipalities and school districts to create redevelopment funds; the amendment and the bill were reported out of committee 14-12.
The House Housing & Community Development Committee on Oct. 12 adopted amendment A00354 to House Bill 359, expanding the types of projects eligible for tax-increment financing (TIF) districts and authorizing an authority to enter agreements with municipalities and a school district to create a redevelopment fund.
The amendment, described orally by staff, "enables an authority to enter into agreements with the municipalities and school district for the creation of a redevelopment fund to further the purposes of the authority," according to a staff explanation presented to…
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