Section 11-9-25 - Allocation to municipality of tax increments--Duration of allocation.
11-9-25. Allocation to municipality of tax increments--Duration of allocation. Positive tax increments of a tax incremental district shall be allocated to the municipality which created the district for each year from the date when the district is created until the earlier of:
(1) That time, after the completion of all public improvements specified in the plan or amendments, when the municipality has received aggregate tax increments of the district in an amount equal to the aggregate of all expenditures previously made or monetary obligations previously incurred for project costs for the district; or
(2) Fifteen years after the last expenditure identified in the plan has been made or until retirement of all outstanding tax incremental bonds or notes issued pursuant to § 11-9-35 have matured.
Source: SL 1978, ch 91, § 16; SL 1989, ch 125, § 2.