§ 21-45-1. Short title
This chapter may be cited as the “Tax Increment Financing Act.”
§ 21-45-11. Contents of tax increment financing plan; public hearing
Any tax increment financing plan, at a minimum, shall contain: A statement of the objectives of a municipality with regard to the plan; A statement indicating the need and proposed use of the tax increment financing plan in relationship to the redevelopment plan; A statement containing the cost estimates of the redevelopment project and the […]
§ 21-45-13. Security for principal, interest, and premium on tax increment bond
The principal, interest and premium, if any, on any tax increment bond shall be secured by a pledge of the revenues payable to the municipality pursuant to the tax increment financing plan and may also be secured, in the discretion of the municipality, by a lien on all or any part of the redevelopment project […]
§ 21-45-15. Application of proceeds from sale of bonds
The proceeds from the sale of any bonds issued under authority of this chapter shall be applied only for the purpose for which the bonds were issued; provided, however, that any premium and accrued interest received in any such sale shall be applied to the payment of the principal of or the interest on the […]
§ 21-45-17. Exemption from taxation
The bonds authorized by this chapter and the income therefrom and all security agreements and mortgages executed as security therefor made pursuant to the provisions hereof, and the revenues derived therefrom, shall be exempt from all income taxation in the state.
§ 21-45-19. Items which are included in cost of redevelopment project
The cost of a redevelopment project shall be deemed to include the actual cost of the construction or rehabilitation of any part of a project which may be constructed or rehabilitated by a municipality, including architects’ and engineers’ fees, the purchase price of any real property that may be acquired by a municipality by purchase, […]
§ 21-45-21. Assessment of value of real property described in tax increment financing plan; retention and distribution of captured assessed value; approval of redevelopment plan; certification of amount of sales tax collected
After adoption of a redevelopment plan containing a tax increment financing plan the clerk shall certify the assessed value of the real property, including personal property located thereon, described in the tax increment financing plan. Property taxable at the time of the certification shall be included in the assessed value at its most recently determined […]
§ 21-45-3. Definitions
For the purposes of this chapter, the following terms shall have the meanings given them in this section unless a different meaning is clearly indicated by the context: “Project area” includes: Areas in which there is a significant amount of buildings or improvements which, by reason of dilapidation, deterioration, age, obsolescence, inadequate provision for ventilation, […]
§ 21-45-5. Relation to other laws; authority of municipalities to accept financial assistance and to enter into agreements with developers
This chapter shall be construed as cumulative authority to other existing laws relating to the powers of municipalities to undertake and carry out slum clearance and redevelopment work. Any municipality engaged in slum clearance or redevelopment work through a redevelopment project within the boundaries of the municipality may provide for financing to defray the cost, […]
§ 21-45-7. Division of ad valorem taxes according to tax increment financing plan
Any redevelopment project may contain a provision that municipal and county ad valorem taxes, if any, levied upon taxable property in a redevelopment project or municipal sales taxes collected within the area, or both, shall be divided according to a tax increment financing plan.
§ 21-45-9. Issuance of tax increment bonds; issuance of refunding bonds; agreements with developers
Any governing body may issue tax increment bonds, the final maturity of which shall not extend beyond thirty (30) years, for the purpose of financing all or a portion of the cost of a redevelopment project within the boundaries of the municipality, funding any reserve which the governing body may deem advisable in connection with […]