251.621. Plan required, contents--findings required.
Plan required, contents--findings required.
251.621. 1. A regional economic development plan shall set forth inwriting a general description of the program to be undertaken to accomplishthe regional economic development projects and related objectives and shallinclude, but need not be limited to:
(1) The name, street and mailing address, and phone number of thechairman of the regional economic development district board;
(2) The street address or other description of the location of thedevelopment site;
(3) The estimated regional economic development project costs;
(4) The anticipated sources of funds to pay such regional economicdevelopment project costs;
(5) Evidence of the commitments to finance such regional economicdevelopment project costs;
(6) The anticipated type and term of the sources of funds to pay suchregional economic development project costs;
(7) The anticipated type and terms of the obligations to be issued;
(8) The most recent equalized assessed valuation of the propertywithin the regional economic development project area;
(9) An estimate as to the equalized assessed valuation after theregional economic development project area is developed in accordance witha regional economic development plan;
(10) The general land uses to apply in the regional economicdevelopment area;
(11) A list of community and economic benefits to result from theregional economic development project;
(12) A list of all development subsidies that any business benefitingfrom public expenditures in the regional economic development area haspreviously received for the project, and the name of any other grantingbody from which such subsidies are sought;
(13) A list of all other public investments made or to be made bythis state or units of local government to support infrastructure or otherneeds generated by the project for which funding under the regionaleconomic development district law is being sought;
(14) A market study for the regional economic development area; and
(15) A certification by the regional economic development districtboard as to the accuracy of the regional economic development plan.
2. The regional economic development plan may be adopted by aregional economic development district in reliance on findings that areasonable person would believe:
(1) The regional economic development area has not been subject togrowth and development through investment by private enterprise and wouldnot reasonably be anticipated to be developed without the implementation ofone or more regional economic development projects and the adoption ofincremental tax financing;
(2) The estimated dates of the completion of such regional economicdevelopment project and retirement of obligations incurred to financeregional economic development project costs which shall not be more thantwenty-five years from the adoption of the resolution approving anyregional economic development project, provided that no resolutionapproving a regional economic development project shall be adopted laterthan fifteen years from the adoption of the resolution approving theregional economic development plan;
(3) The development plan contains a cost-benefit analysis showing theeconomic impact of the regional economic development plan on anymunicipality, county, regional economic development district, and schooldistricts that are at least partially within the boundaries of the regionaleconomic development area. The analysis shall show the impact on theeconomy if the regional economic development projects are not builtaccording to the regional economic development plan under consideration;
(4) The regional economic development plan does not include theinitial development or redevelopment of any gambling establishment; and
(5) An economic feasibility analysis including a pro forma financialstatement indicating the return on investment that may be expected withoutpublic assistance. The financial statement shall detail any assumptionsmade, a pro forma statement analysis demonstrating the amount of assistancerequired to bring the return into a range deemed attractive to privateinvestors, which amount shall not exceed the estimated reimbursable projectcosts.
(L. 2007 H.B. 741)