Section 50-2901 – SHORT TITLE.
50-2901. SHORT TITLE. This act may be known and cited as the "Local Economic Development Act." History: [50-2901, added 1988, ch. 210, sec. 1, p. 393.]
Section 50-2902 – FINDINGS AND PURPOSE.
50-2902. FINDINGS AND PURPOSE. It is hereby found and declared that there exists in municipalities a need to raise revenue to finance the economic growth and development of urban renewal areas and competitively disadvantaged border community areas. The purpose of this act is to provide for the allocation of a portion of the property taxes […]
Section 50-2903 – DEFINITIONS.
50-2903. DEFINITIONS. The following terms used in this chapter shall have the following meanings, unless the context otherwise requires: (1) "Act" or "this act" means this revenue allocation act. (2) "Agency" or "urban renewal agency" means a public body created pursuant to section 50-2006, Idaho Code. (3) "Authorized municipality" or "municipality" means any county or […]
Section 50-2903A – EFFECT OF ORDINANCE TO MODIFY URBAN RENEWAL PLAN — EXCEPTION.
50-2903A. EFFECT OF ORDINANCE TO MODIFY URBAN RENEWAL PLAN — EXCEPTION. (1) (a) On and after July 1, 2016, except as provided in subsection (2) of this section, when an urban renewal plan containing a revenue allocation financing provision is modified through an ordinance of the authorized municipality, the base value for the year immediately […]
Section 50-2904 – AUTHORITY TO CREATE REVENUE ALLOCATION AREA.
50-2904. AUTHORITY TO CREATE REVENUE ALLOCATION AREA. An authorized municipality is hereby authorized and empowered to adopt, at any time, a revenue allocation financing provision, as described in this chapter, as part of an urban renewal plan or competitively disadvantaged border community area ordinance. A revenue allocation financing provision may be adopted either at the […]
Section 50-2905 – RECOMMENDATION OF URBAN RENEWAL AGENCY.
50-2905. RECOMMENDATION OF URBAN RENEWAL AGENCY. In order to implement the provisions of this chapter, the urban renewal agency of the municipality shall prepare and adopt a plan for each revenue allocation area and submit the plan and recommendation for approval thereof to the local governing body. The plan shall include with specificity: (1) A […]
Section 50-2905A – ELECTION NECESSARY FOR EXPENDITURES ON CERTAIN PROJECTS.
50-2905A. ELECTION NECESSARY FOR EXPENDITURES ON CERTAIN PROJECTS. (1) Notwithstanding any other provision of this chapter, on and after the effective date of this act, it shall be unlawful for an urban renewal agency to expend revenue collected under this chapter on project costs when either the amount of revenue collected under this chapter, or […]
Section 50-2906 – PUBLIC HEARING AND ORDINANCE REQUIRED.
50-2906. PUBLIC HEARING AND ORDINANCE REQUIRED. (1) To adopt a new urban renewal plan or create a competitively disadvantaged border community area containing a revenue allocation financing provision, the local governing body of an authorized municipality must enact an ordinance in accordance with chapter 9, title 50, Idaho Code, and section 50-2008, Idaho Code. To […]
Section 50-2907 – TRANSMITTAL OF REVENUE ALLOCATION AREA DESCRIPTION AND OTHER DOCUMENTS TO TAXING AGENCIES.
50-2907. TRANSMITTAL OF REVENUE ALLOCATION AREA DESCRIPTION AND OTHER DOCUMENTS TO TAXING AGENCIES. (1) After the effective date of an ordinance enacted by the local governing body of an authorized municipality, the clerk of the authorized municipality shall transmit, to the county auditor and tax assessor of the county in which the revenue allocation area […]
Section 50-2908 – DETERMINATION OF TAX LEVIES — CREATION OF SPECIAL FUND.
50-2908. DETERMINATION OF TAX LEVIES — CREATION OF SPECIAL FUND. (1) For purposes of calculating the rate at which taxes shall be levied by or for each taxing district in which a revenue allocation area is located, the county commissioners shall, with respect to the taxable property located in such revenue allocation area, use the […]
Section 50-2909 – ISSUANCE OF BONDS — BOND PROVISIONS.
50-2909. ISSUANCE OF BONDS — BOND PROVISIONS. (1) If the local governing body of an authorized municipality has enacted an ordinance adopting a revenue allocation financing provision as part of an urban renewal plan, the urban renewal agency established by such municipality is hereby authorized and empowered: (a) To apply the revenues allocated to it […]
Section 50-2910 – BONDS NOT GENERAL OBLIGATION OF AGENCY OR MUNICIPALITY.
50-2910. BONDS NOT GENERAL OBLIGATION OF AGENCY OR MUNICIPALITY. Except to the extent of moneys deposited in a special fund or funds under this act and pledged to the payment of the principal of and interest on bonds or other obligations, the agency shall not be liable on any such bonds or other obligations. The […]
Section 50-2911 – LIMITATIONS ON REVIEW.
50-2911. LIMITATIONS ON REVIEW. (1) No direct or collateral action attacking or otherwise questioning the validity of any urban renewal plan, project or modification thereto (including one containing a revenue allocation provision), or the adoption or approval of such plan, project or modification, or any of the findings or determinations of the agency or the […]
Section 50-2912 – SEVERABILITY.
50-2912. SEVERABILITY. The provisions of this act are hereby declared to be severable and if any provision of this act or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of remaining portions of this act. History: [50-2912, added 1988, ch. […]
Section 50-2913 – URBAN RENEWAL AGENCY PLANS — REPORTING INFORMATION REQUIRED — PENALTIES FOR FAILURE TO REPORT.
50-2913. URBAN RENEWAL AGENCY PLANS — REPORTING INFORMATION REQUIRED — PENALTIES FOR FAILURE TO REPORT. In addition to the provisions applicable to urban renewal agencies in chapters 20 and 29, title 50, Idaho Code, the provisions of this section shall also apply to urban renewal agencies. For purposes of this section, "urban renewal agency" shall […]