Agenda - 10-19-2004-7b - Laserfiche WebLink

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Advantages of the Current Legislation the additional revenues from taxes levied on the incremental value of the property in the territorial area. The 1993 version removed the words "tax-increment" from the ballot language.. The 1982 version read: [ ]for [ ]Against Constitutional amendment permitting the General Assembly to enact general laws permitting the issuance of tax-increment bonds, without voter approval. TiF projects in other states have been criticized for several reasons.. This analysis seeks to scrutinize the proposed PDF amendment in order to assess what it does well and where it falls short. The proposed amendment attempts with mixed success, to taI<e several positive steps to ensure the community will benefit from each project Initial Application is Detailed -The "development financing plan" must include the project's boundaries, purpose, cost, how it will be financed, projections for increases in land values, and how long it will take for the increased property values to pay off the bond. In addition, the project's impending effect on the community must be described, such as how many jobs will be created, the impact on affordable housing and displacement in the area, and on services. If the effect is negative, the plan must describe what activities the local government will undertake to lessen such impact, • Public Notification and Hearing -All businesses and homeowners within the designated district must be given ample notification about proposals because they are sent first-class mail (in contrast to notification by a newspaper ad) that includes information about the project and the required public hearing to be held.. • Size of Districts are Restricted -The district may not exceed five percent of the total land area of the city. To reduce urban sprawl, legislation also caps the land size for large retail developments located outside a central business district to 20 percent of the total allocated space designated to a project, Layers of Approval Required -The proposals are thoroughly reviewed during multiple steps imbedded in the approval process., 1. Before the city can approve the project, the Department of Environment and Natural Resources must first conduct an environmental impact study. However, this provision applies only to new manufacturing facilities. In contrast, if a new retail shopping center or any other type of project is approved, there will be no environmental study and no study to determine the impact on traffic, Z. After the city approves the project, each affected county commissioner must be sent a notice of the development plan, Although the county is not required to officially approve the plan, the commissioners are given 28 days from the date the information was mailed to disapprove the plan. 3, The most significant and comprehensive examination of the project, its effects, and the security of its financing, is conducted by the Local Government Commission (LGC). The nine member commission, established in 1931, is headed by the state treasurer, The commission is charged with approving all local government requests to borrow 4 BTC REPORTS • NC BUDGET &T0.% CENTEk