The bill amends the Tax Increment for Development Act to strengthen the requirements for establishing tax increment development districts. A new definition of "affordable housing" is introduced, specifying that it pertains to living accommodations affordable for individuals or families earning less than eighty percent of the median income in the respective county. Additionally, petitioners are now required to conduct a housing study prior to submitting applications for tax increment development projects, which must estimate housing demand resulting from new employment opportunities, rather than relying solely on a cost-burden analysis. The process for forming a tax increment development district is also modified, requiring the governing body to adopt a resolution declaring its intent to form the district upon receiving a petition signed by at least fifty percent of property owners in the proposed area.

Moreover, the bill mandates that a public hearing be scheduled after the resolution's adoption, with notice required to be mailed and published. The governing body must notify relevant state officials within ten days of adopting the resolution and ensure that all related materials, including fiscal and economic studies, are made available electronically to the public. Notably, the term "workforce" is replaced with "affordable housing" in the requirements for tax increment development plans, emphasizing the importance of affordable housing, public school facilities, and innovative planning techniques in development projects. The bill also outlines procedures for conducting public hearings, preserving records, and determining the formation of the tax increment development district based on community interests and planning goals.

Statutes affected:
introduced version: 5-15-4, 5-15-5, 5-15-7