Tax Increment Financing Act

The act authorizes municipalities and counties to designate defined geographic areas for redevelopment and to finance improvements within them using the growth in tax revenue those improvements generate. It sets out how such a zone is created and bounded, what the governing ordinance or order must contain, which properties may qualify, and how a board of directors is composed and empowered to adopt project and financing plans. It further governs how the incremental property and sales tax revenue is measured, collected, and deposited into a dedicated fund, permits the issuance of bonds and notes backed by that fund, and requires periodic public reporting until the zone terminates.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.