§5224. Development programs

1.  Adoption.  The legislative body of a municipality or plantation shall adopt a development program for each development district. The development program must be adopted at the same time as is the district, as part of the district adoption proceedings or, if at a different time, in the same manner as adoption of the district, with the same notice and hearing requirements of section 5226. Before adopting a development program, the municipal or plantation legislative body shall consider the factors and evidence specified in section 5223, subsection 2.

[PL 2011, c. 101, §9 (AMD).]

2.  Requirements.  The development program must include:

A. A financial plan in accordance with subsections 3 and 4;   [PL 2001, c. 669, §1 (NEW).]

B. A description of public facilities, improvements or programs to be financed in whole or in part by the development program;   [PL 2001, c. 669, §1 (NEW).]

C. A description of commercial facilities, arts districts, transit expansion, improvements or projects to be financed in whole or in part by the development program;   [PL 2009, c. 314, §9 (AMD).]

D. Plans for the relocation of persons displaced by the development activities;   [PL 2001, c. 669, §1 (NEW).]

E. The proposed regulations and facilities to improve transportation;   [PL 2001, c. 669, §1 (NEW).]

F. The environmental controls to be applied;   [PL 2001, c. 669, §1 (NEW).]

G. The proposed operation of the development district after the planned capital improvements are completed;   [PL 2001, c. 669, §1 (NEW).]

H. The duration of the development district, subject to the following conditions:

(1) A development district that is a tax increment financing district may not exceed a total of 30 tax years beginning with the tax year in which the designation of the development district is effective pursuant to section 5226, subsection 3 or, if specified in the development program, the subsequent tax year; and

(2) A development district that is funded by assessments under section 5228 and that is not a tax increment financing district is not limited in duration unless a limitation on duration is established by the legislative body of the municipality or plantation adopting the development program. Any limitation in the duration of a development district that is not a tax increment financing district and that is established by the legislative body of the municipality or plantation may later be extended by the legislative body; and   [PL 2019, c. 140, §1 (RPR).]

I. All documentation submitted to or prepared by the municipality or plantation under section 5223, subsection 2.   [PL 2011, c. 101, §10 (AMD).]

[PL 2019, c. 140, §1 (AMD).]

3.  Financial plan for development program.  The financial plan for a development program must include:

A. Cost estimates for the development program;   [PL 2001, c. 669, §1 (NEW).]

B. The amount of public indebtedness to be incurred;   [PL 2001, c. 669, §1 (NEW).]

C. Sources of anticipated revenues; and   [PL 2001, c. 669, §1 (NEW).]

D. A description of the terms and conditions of any agreements, contracts or other obligations related to the development program.   [PL 2001, c. 669, §1 (NEW).]

[PL 2001, c. 669, §1 (NEW).]

4.  Financial plan for tax increment financing districts.  In addition to the items required by subsection 3, the financial plan for a development program for a tax increment financing district must include the following for each year of the program:

A. Estimates of increased assessed values of the district;   [PL 2001, c. 669, §1 (NEW).]

B. The portion of the increased assessed values to be applied to the development program as captured assessed values and resulting tax increments in each year of the program; and   [PL 2001, c. 669, §1 (NEW).]

C. A calculation of the tax shifts resulting from designation of the tax increment financing district.   [PL 2001, c. 669, §1 (NEW).]

[PL 2001, c. 669, §1 (NEW).]

5.  Limitation.  For tax increment financing districts, the municipality or plantation may expend the tax increments received for any development program only in accordance with the financial plan.

[PL 2011, c. 101, §11 (AMD).]

SECTION HISTORY

PL 2001, c. 669, §1 (NEW). PL 2007, c. 413, §4 (AMD). PL 2009, c. 314, §9 (AMD). PL 2011, c. 101, §§9-11 (AMD). PL 2013, c. 184, §3 (AMD). PL 2019, c. 140, §1 (AMD).