30-A §5224. Development programs
Title 30-A: MUNICIPALITIES AND COUNTIES HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Part 2: MUNICIPALITIES HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Subpart 8: DEVELOPMENT HEADING: PL 1987, C. 737, PT. A, §2 (NEW)
Chapter 206: DEVELOPMENT DISTRICTS (HEADING: PL 2001, C. 669, §1 (NEW))
Subchapter 1: MUNICIPAL DEVELOPMENT DISTRICTS (HEADING: PL 2001, C. 669, §1 (NEW))
§5224. Development programs
1. Adoption. The legislative body of a municipality 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 legislative body shall consider the factors and evidence specified in section 5223, subsection 2.
[ 2001, c. 669, §1 (NEW) .]
2. Requirements. The development program must include:
A. A financial plan in accordance with subsections 3 and 4; [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; [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; [2009, c. 314, §9 (AMD).]
D. Plans for the relocation of persons displaced by the development activities; [2001, c. 669, §1 (NEW).]
E. The proposed regulations and facilities to improve transportation; [2001, c. 669, §1 (NEW).]
F. The environmental controls to be applied; [2001, c. 669, §1 (NEW).]
G. The proposed operation of the development district after the planned capital improvements are completed; [2001, c. 669, §1 (NEW).]
H. The duration of the program, which may not exceed 30 years from the date of designation of the district; and [2001, c. 669, §1 (NEW).]
I. All documentation submitted to or prepared by the municipality under section 5223, subsection 2. [2001, c. 669, §1 (NEW).]
[ 2009, c. 314, §9 (AMD) .]
3. Financial plan for development program. The financial plan for a development program must include:
A. Cost estimates for the development program; [2001, c. 669, §1 (NEW).]
B. The amount of public indebtedness to be incurred; [2001, c. 669, §1 (NEW).]
C. Sources of anticipated revenues; and [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. [2001, c. 669, §1 (NEW).]
[ 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; [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 [2001, c. 669, §1 (NEW).]
C. A calculation of the tax shifts resulting from designation of the tax increment financing district. [2001, c. 669, §1 (NEW).]
[ 2001, c. 669, §1 (NEW) .]
5. Limitation. For tax increment financing districts, the municipality may expend the tax increments received for any development program only in accordance with the financial plan.
[ 2001, c. 669, §1 (NEW) .]
SECTION HISTORY
2001, c. 669, §1 (NEW). 2007, c. 413, §4 (AMD). 2009, c. 314, §9 (AMD).