Section 11-9-13 - Recommendation of project plan by commission--Statement of improvementsproposed, costs, and plan for financing.
11-9-13. Recommendation of project plan by commission--Statement of improvements proposed, costs, and plan for financing. In order to implement the provisions of this chapter, the planning commission shall prepare and adopt a project plan for each tax incremental district and submit the plan to the governing body. The plan shall include a statement listing:
(1) The kind, number, and location of all proposed public works or improvements within the district;
(2) An economic feasibility study;
(3) A detailed list of estimated project costs;
(4) A fiscal impact statement which shows the impact of the tax increment district, both until and after the bonds are repaid, upon all entities levying taxes upon property in the district; and
(5) A description of the methods of financing all estimated project costs and the time when related costs or monetary obligations are to be incurred.
No expenditure may be provided for in the plan more than five years after a district is created unless an amendment is adopted by the governing body under § 11-9-23.
Source: SL 1978, ch 91, § 7 (5).