§8-13B-7 Application to committee for approval of a downtown redevelopment district project.
§8-13B-7. Application to committee for approval of a downtown redevelopment district project.
(a) The committee shall receive and act on applications filed with it by municipalities pursuant to section six of this article. Each such application must contain a copy of the notice described in section six of this article; a general description of the capital improvements, additional or extended services and other proposed redevelopment expenditures to be made in the district; a description of the proposed method of financing such redevelopment expenditures, together with a description of such reserves to be established for financing on-going redevelopment expenditures necessary to permanently maintain the optimum economic viability of the district following its inception: Provided, That the amounts of such reserves shall not exceed the amounts that would be required by ordinary commercial capital market considerations; a description of the sources and anticipated amounts of all such financing, including, but not limited to, proceeds from the issuance of any bonds, or other instruments, revenues from the special district excise tax and enhanced revenues from municipal business and occupation taxes, property taxes and fees; a description of the financial contribution of the municipality to the funding of redevelopment expenditures, which contribution may include, but not be necessarily limited to, incremental business and occupation taxes generated from district; a description of the financial contribution to the funding of redevelopment expenditures by the county commission of the county in which the district is situate; identification of any entities which the municipality expects to relocate their business locations from the district to another place in the state in connection with the establishment of district: Provided, however, That for purposes of this article, any such entities shall be designated "relocated entities"; a good faith estimate of the aggregate amount of consumers sales and service tax that was actually remitted to the tax commissioner by all relocated entities with respect to their sales made and services rendered from their business locations in the district for the twelve full calendar months next preceding the date of the application: Provided further, That for purposes of this article, such aggregate amount shall be designated as "the relocated tax revenue amount"; a good faith estimate of the gross annual district tax revenue amount; and the proposed application of any surplus from all funding sources to further the objectives of this article: And provided further, That the amount of all redevelopment expenditures proposed to be made in the first twenty-four months following the creation of the district shall be not less than fifty million dollars. The committee may establish other criteria for approving such applications: And provided further, That the committee shall act to approve or not approve any such application within thirty days following the receipt of the application: And provided further, That the committee may not approve more than one application in the absence of further authorization of the Legislature.
(b)If the committee approves a municipality's downtown redevelopment district project application, it shall issue to the municipality a written certificate evidencing such approval: Provided, That such certificate shall expressly state a base tax revenue amount which, for purposes of this article shall be the difference between the gross annual district tax revenue amount and the relocated tax revenue amount all of which the council shall have determined with respect to such district's application based on such investigation as it may deem reasonable and necessary including, but not limited to, any relevant information the council shall request from the tax commissioner and the tax commissioner shall provide to the council: Provided, however, That, in determining the base tax revenue amount, in lieu of confirmation from the tax commissioner of the gross annual district tax revenue amount, the council shall use the estimate of the gross annual district tax revenue amount provided by the municipality pursuant to subsection (a) of this section.
(c) The council may promulgate rules to implement the downtown redevelopment district project application approval process and to describe the criteria and procedures it has established in connection therewith. These rules are not subject to the provisions of chapter twenty-nine-a of this code, but shall be filed with the secretary of state.