Maine Revised Statutes

§5224. Development programs

1. Adoption.  The legislative body of a municipality or plantation shall adopt a development program for each development district. The development program must be adopted at the same time as is the district, as part of the district adoption proceedings or, if at a different time, in the same manner as adoption of the district, with the same notice and hearing requirements of section 5226. Before adopting a development program, the municipal or plantation legislative body shall consider the factors and evidence specified in section 5223, subsection 2.
[ 2011, c. 101, §9 (AMD) .]
2. Requirements.  The development program must include:
A. A financial plan in accordance with subsections 3 and 4; [2001, c. 669, §1 (NEW).]
B. A description of public facilities, improvements or programs to be financed in whole or in part by the development program; [2001, c. 669, §1 (NEW).]
C. A description of commercial facilities, arts districts, transit expansion, improvements or projects to be financed in whole or in part by the development program; [2009, c. 314, §9 (AMD).]
D. Plans for the relocation of persons displaced by the development activities; [2001, c. 669, §1 (NEW).]
E. The proposed regulations and facilities to improve transportation; [2001, c. 669, §1 (NEW).]
F. The environmental controls to be applied; [2001, c. 669, §1 (NEW).]
G. The proposed operation of the development district after the planned capital improvements are completed; [2001, c. 669, §1 (NEW).]
H. The duration of the development district, which may not exceed a total of 30 tax years beginning with the tax year in which the designation of the development district is effective pursuant to section 5226 or, if specified in the development program, the subsequent tax year; and [2013, c. 184, §3 (AMD).]
I. All documentation submitted to or prepared by the municipality or plantation under section 5223, subsection 2. [2011, c. 101, §10 (AMD).]
[ 2013, c. 184, §3 (AMD) .]
3. Financial plan for development program.  The financial plan for a development program must include:
A. Cost estimates for the development program; [2001, c. 669, §1 (NEW).]
B. The amount of public indebtedness to be incurred; [2001, c. 669, §1 (NEW).]
C. Sources of anticipated revenues; and [2001, c. 669, §1 (NEW).]
D. A description of the terms and conditions of any agreements, contracts or other obligations related to the development program. [2001, c. 669, §1 (NEW).]
[ 2001, c. 669, §1 (NEW) .]
4. Financial plan for tax increment financing districts.  In addition to the items required by subsection 3, the financial plan for a development program for a tax increment financing district must include the following for each year of the program:
A. Estimates of increased assessed values of the district; [2001, c. 669, §1 (NEW).]
B. The portion of the increased assessed values to be applied to the development program as captured assessed values and resulting tax increments in each year of the program; and [2001, c. 669, §1 (NEW).]
C. A calculation of the tax shifts resulting from designation of the tax increment financing district. [2001, c. 669, §1 (NEW).]
[ 2001, c. 669, §1 (NEW) .]
5. Limitation.  For tax increment financing districts, the municipality or plantation may expend the tax increments received for any development program only in accordance with the financial plan.
[ 2011, c. 101, §11 (AMD) .]
2001, c. 669, §1 (NEW). 2007, c. 413, §4 (AMD). 2009, c. 314, §9 (AMD). 2011, c. 101, §§9-11 (AMD). 2013, c. 184, §3 (AMD).