7-15-4299. Industrial districts. (1) A local governing body, by ordinance and following a public hearing, may authorize the creation of an industrial district for industrial infrastructure development projects if the proposed industrial district:
     (a) consists of a continuous area with an accurately described boundary;
     (b) is zoned for light or heavy industrial use in accordance with the area growth policy document;
     (c) does not include any property included within an existing urban renewal area, technology district, or aerospace transportation and technology district created pursuant to this part;
     (d) is found to be deficient in infrastructure improvements for industrial development; and
     (e) has as its purpose the development of infrastructure to encourage the growth and retention of secondary, value-adding industries.
     (2) An industrial district may use tax increment financing pursuant to the provisions of 7-15-4282 through 7-15-4294.

     History: En. Sec. 3, Ch. 712, L. 1989; amd. Sec. 6, Ch. 44, L. 2007; amd. Sec. 12, Ch. 394, L. 2009.