Section 21-45-11 - Contents of tax increment financing plan; public hearing

Any tax increment financing plan, at a minimum, shall contain:(a) A statement of the objectives of a municipality with regard to the plan;(b) A statement indicating the need and proposed use of the tax increment financing plan in relationship to the redevelopment plan;(c) A statement containing the cost estimates of the redevelopment project and the projected sources of revenue (ad valorem taxes, sales taxes, and the proceeds of any other financial assistance) to be used to meet the costs including estimates of tax increments and the total amount of indebtedness to be incurred;(d) A list of all real property to be included in the tax increment financing plan;(e) The duration of the tax increment financing plan's existence;(f) A statement of the estimated impact of the tax increment financing plan upon the revenues of all taxing jurisdictions in which a redevelopment project is located; and(g) A statement requiring that a separate fund be established to receive ad valorem taxes and the proceeds of any other financial assistance.Before approving any tax increment financing plan, the governing body shall hold a public hearing thereon after published notice in a newspaper in which the

proceeds of any other financial assistance.Before approving any tax increment financing plan, the governing body shall hold a public hearing thereon after published notice in a newspaper in which the municipality is authorized to publish legal notices at least once and not less than ten (10) days and not more than twenty (20) days prior to the hearing.Laws, 1986, ch. 449, § 6; Laws, 1993, ch. 527, § 3, eff. 7/1/1993.