SB 3382

Abstract

Amends the Economic Development Area Tax Increment Allocation Act. Provides that no economic development area may be established or extended without the written approval of the taxing districts comprising a majority of the total amount of taxes extended within the economic development area in the previous taxable year. Provides that no direct or indirect rights or privileges conveyed to any corporation under an economic development plan or agreement may be transferred to a developer's successor entity without the express, written approval of each taxing district located within the economic development area. Provides that the portion of the taxes extended by a school district located in an economic development project area may not be paid into the special tax allocation fund without the express written permission of the school district. Provides that assets purchased by the Administrator to further the development of the economic development area may not be transferred out of the economic development area or otherwise used by the Administrator for development activities or services that are not related to the economic development area.