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February 7, 2012
Mr. President:
The Revenue and Taxation Committee reports a favorable recommendation on S.B. 165,
REDEVELOPMENT AGENCY AMENDMENTS, by Senator T. Weiler, with the following
amendments:
public entity's tax increment and sales tax revenues with respect to the community development
area or related urban renewal project area or both; or
Respectfully,
Curtis S. Bramble
Voting: 4-0-3
1. Page
13, Lines 382 through 390
:
382
(3) With respect to a community development project area plan:
383
(a) a taxing entity or public entity may, by resolution or through interlocal
agreement,
384
authorize an agency to be paid any or all of that taxing entity or public entity's tax
increment or
385
sales tax for any period of time; and
386
(b) the resolution or interlocal agreement authorizing the agency to be paid tax
387
increment or sales tax shall specify:
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(i) the base taxable value of the project area; and
389
(ii) the method of calculating the amount of tax increment or sales tax to be
paid to the
390
agency.
}
(a) include and collect tax increment and sales tax from an area within an
existing urban renewal project; and
(b)(i) for a community development project area, an agency may, in
accordance with Section 17C-4-201, negotiate to receive and use a taxing entity's or
(ii) for an economic development project area, an agency may receive and use tax
increment from the economic development project area or a portion of an urban renewal project
area tax increment or both by including the tax increment in the agency's project area budget as
provided in Section 17C-3-201.
Committee Chair
3 SB0165.SC1.wpd /PVD VA/JTW 2/7/12 3:30 pm
Bill Number
*SB0165*
SB0165