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North Dakota Century Code Title 40. Municipal Government § 40-58-20.2. Tax increment financing proposal--Public hearing--Invitation to representatives of affected taxing districts

Current as of January 01, 2024 | Updated by FindLaw Staff

1. Before approval of a development or renewal plan for any development or renewal area under section 40-58-20, the governing body of the municipality shall conduct a public hearing on the proposal. The governing body shall provide invitations to participate in the public hearing to the governing body of each county, school district, and park district within the development or renewal area. At a minimum, the governing body of the municipality shall provide the following information at the public hearing:

a. The anticipated costs of development of property to be reimbursed by tax incentives.

b. The anticipated annual revenue from tax increments which will be received to complete the development or renewal plan.

c. The anticipated date when the plan will be completed, the costs will be fully paid, and the tax increments will be released.

d. The estimate of the dollars annually attributable to the levies from each taxing entity which will be credited to the tax increment fund.

2. Before granting a property tax incentive on any parcel of property that is anticipated to receive a property tax incentive for more than five years, the governing body of the municipality must comply with the requirements in section 40-05-24.

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Cite this article: FindLaw.com - North Dakota Century Code Title 40. Municipal Government § 40-58-20.2. Tax increment financing proposal--Public hearing--Invitation to representatives of affected taxing districts - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-40-municipal-government/nd-cent-code-sect-40-58-20-2/

Read this complete North Dakota Century Code Title 40. Municipal Government § 40-58-20.2. Tax increment financing proposal--Public hearing--Invitation to representatives of affected taxing districts on Westlaw

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