An Act To Provide Sensible Options for Tax Increment Financing Proceeds in Small Towns
Sec. 1. 30-A MRSA §5225, sub-§1, ¶C, as amended by PL 2007, c. 413, §6, is further amended to read:
(1) Costs of funding economic development programs or events developed by the municipality or funding the marketing of the municipality as a business or arts location;
(2) Costs of funding environmental improvement projects developed by the municipality for commercial or arts district use or related to such activities;
(3) Funding to establish permanent economic development revolving loan funds or investment funds;
(4) Costs of services to provide skills development and training for residents of the municipality. These costs may not exceed 20% of the total project costs and must be designated as training funds in the development program; and
(5) Quality child care costs, including finance costs and construction, staffing, training, certification and accreditation costs related to child care; and
Sec. 2. 30-A MRSA §5225, sub-§1, ¶D, as enacted by PL 2001, c. 669, §1, is amended to read:
Sec. 3. 30-A MRSA §5225, sub-§1, ¶E is enacted to read:
Sec. 4. 30-A MRSA §5236 is enacted to read:
§ 5236. Joint municipality options
Two or more municipalities may participate jointly in a tax increment financing district by entering into a tax base sharing agreement under chapter 223, subchapter 5, and, consistent with that agreement, may file jointly for designation of a tax increment financing district under this chapter and otherwise jointly assume the authority and obligations of a municipality acting individually.
summary
This bill clarifies the procedure for municipalities to jointly participate in a tax increment financing district and permits municipalities with a population of fewer than 1,500 persons singly or jointly to include certain regional and municipal improvements in project costs.