Sec. 55. 36 MRSA §6758, sub-§2, as amended by PL 1997, c. 668, §41 and c. 766, §5, is repealed and the following enacted in its place:

2.__Determination by assessor.__On or before June 30th of each year, the assessor shall determine the employment tax increment of each qualified business for the preceding calendar year.__A qualified business may receive up to 75% of the employment tax increment generated by that business as determined by the assessor, subject to the further limitations in section 6754, subsection 2.__That amount is referred to as "retained employment tax increment revenues."

Sec. 56. 36 MRSA §6855, as enacted by PL 1997, c. 449, §1, is amended to read:

§6855. Land

1. Public benefit. The Legislature, recognizing that the submerged and intertidal lands as those terms are defined in Title 12, chapters 202 and 202-A and 220, respectively, are owned by the State for the benefit of the public and are impressed with a public trust and having considered all factors relevant to that public trust and the impact that conveying or leasing the submerged and intertidal land described in this subsection to a certified applicant would have on the public trust and the benefits to the State and its people from the conveyance or lease, finds that a conveyance or lease to a certified applicant