§5221. Findings and declaration of necessity 1. Legislative finding. The Legislature finds that there is a need for new development in areas of municipalities and plantations to: A. Provide new employment opportunities; [PL 2001, c. 669, §1 (NEW).] B. Improve and broaden the tax base; and [PL 2001, c. 669, §1 (NEW).] […]
§5222. Definitions As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2001, c. 669, §1 (NEW).] 1. Amenities. “Amenities” means items of street furniture, signs and landscaping, including, but not limited to, plantings, benches, trash receptacles, street signs, sidewalks and pedestrian malls. [PL 2001, […]
§5223. Development districts 1. Creation. A municipal or plantation legislative body may designate a development district within the boundaries of the municipality or plantation in accordance with the requirements of this chapter. If the municipality has a charter, the designation of a development district may not be in conflict with the provisions of the municipal […]
§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 […]
§5225. Project costs 1. Authorized project costs. The commissioner shall review proposed project costs to ensure compliance with this subsection. Authorized project costs are: A. Costs of improvements made within the tax increment financing district, including, but not limited to: (1) Capital costs, including, but not limited to: (a) The acquisition or […]
§5226. Procedure 1. Notice and hearing. Before designating a development district or adopting a development program, the municipal or plantation legislative body or the municipal or plantation legislative body’s designee must hold at least one public hearing. Notice of the hearing must be published at least 10 days before the hearing in a newspaper of […]
§5227. Tax increment financing 1. Designation of captured assessed value. A municipality or plantation may retain all or part of the tax increment revenues generated from the increased assessed value of a tax increment financing district for the purpose of financing the development program. The amount of tax increment revenues to be retained is determined […]
§5228. Assessments 1. Assessments. A municipality or plantation may estimate and make the following assessments: A. A development assessment upon lots or property within the development district. The assessment must be made upon lots or property that have been benefited by improvements constructed or created under the development program and may not exceed a […]
§5229. Rules The commissioner may adopt rules necessary to carry out the duties imposed by this chapter and to ensure municipal or plantation compliance with this subchapter following designation of a tax increment financing district. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A. […]
§5230. Grants A municipality or plantation may receive grants or gifts for any of the purposes of this chapter. The tax increment revenues within a development district may be used as the local match for certain grant programs. [PL 2011, c. 101, §23 (AMD).] SECTION HISTORY PL 2001, c. 669, §1 (NEW). PL 2011, […]
§5231. Bond financing The legislative body of a municipality or plantation may authorize, issue and sell bonds, including, but not limited to, general obligation or revenue bonds or notes, that mature within 30 years from the date of issue to finance all project costs needed to carry out the development program within the development district. […]
§5232. Tax exemption All publicly owned parking structures and pedestrian skyway systems are exempt from taxation by the municipality or plantation, county and State. This section does not exempt any lessee or person in possession from taxes or assessments payable under Title 36, section 551. [PL 2011, c. 101, §25 (AMD).] SECTION HISTORY PL […]
§5233. Advisory board The legislative body of a municipality or plantation may create an advisory board, a majority of whose members must be owners or occupants of real property located in or adjacent to the development district they serve. The advisory board shall advise the legislative body and the designated administrative entity on the planning, […]
§5234. Special provisions Notwithstanding the provisions of section 5223, subsection 1 and any other provision of law, in the case of investments exceeding $100,000,000 in shipyard facilities in districts authorized prior to June 30, 1999, revenues must be set aside and deposited by the municipality or plantation to the appropriate development program fund account established […]
§5235. Unorganized territory For the purposes of this chapter, a county may act as a municipality for the unorganized territory within the county and may designate development districts within the unorganized territory. When a county acts under this section, the county commissioners act as the municipality and as the municipal legislative body, the State Tax […]
