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HOUSE BILL NO. 579
INTRODUCED BY P. SLITER
A BILL FOR AN ACT ENTITLED: "AN ACT REVISING PERMISSIBLE USES OF TAX INCREMENT FINANCING; AUTHORIZING THE CREATION OF ECONOMIC DEVELOPMENT AND REVITALIZATION DISTRICTS; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE."
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
NEW SECTION. Section 1. Legislative findings. The legislature finds and declares that:
(1) infrastructure deficient areas exist in municipalities of the state and constitute a serious impediment to the orderly economic development of Montana;
(2) municipalities lack sufficient capital to rectify infrastructure shortages or to conduct redevelopment or rehabilitation projects;
(3) the creation of economic development and revitalization districts will assist in orderly economic development, which in turn will provide jobs and income; and
(4) the state's tax increment financing laws should be used to encourage creation of areas in which infrastructure can be created and redevelopment or rehabilitation can occur.
NEW SECTION. Section 2. Economic development and revitalization district. (1) A local governing body, by ordinance and following a public hearing, may authorize the creation of an economic development and revitalization district for infrastructure development projects if the proposed district:
(a) consists of a continuous area with an accurately described boundary;
(b) is in conformance with the area master planning document;
(c) does not include any property included within an existing urban renewal area district created pursuant to this part;
(d) is found to be deficient in infrastructure improvements for economic development and revitalization; and
(e) has as its purpose the development of infrastructure to encourage the growth and retention of jobs and business.
(2) An economic development and revitalization district may use tax increment financing pursuant to the provisions of 7-15-4282 through 7-15-4293. The tax increment financing provisions may not be used for a period of longer than 5 years unless bonds are issued for an improvement. If bonds are issued for an improvement, then the tax increment financing provisions may be used for the term of the bonds.
NEW SECTION. Section 3. Codification instruction. [Sections 1 and 2] are intended to be codified as an integral part of Title 7, chapter 15, part 42, and the provisions of Title 7, chapter 15, part 42, apply to [sections 1 and 2].
NEW SECTION. Section 4. Effective date. [This act] is effective on passage and approval.
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Latest Version of HB 579 (HB0579.01)
Processed for the Web on February 10, 1999 (4:35PM)
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