An Act To Allow Municipalities To Determine the Duration of Development Districts Funded by Assessments
Sec. 1. 30-A MRSA §5224, sub-§2, ¶H, as amended by PL 2013, c. 184, §3, is repealed and the following enacted in its place:
(1) A development district that is a tax increment financing district may not exceed a total of 30 tax years beginning with the tax year in which the designation of the development district is effective pursuant to section 5226, subsection 3 or, if specified in the development program, the subsequent tax year; and
(2) A development district that is funded by assessments under section 5228 and that is not a tax increment financing district is not limited in duration unless a limitation on duration is established by the legislative body of the municipality or plantation adopting the development program. Any limitation in the duration of a development district that is not a tax increment financing district and that is established by the legislative body of the municipality or plantation may later be extended by the legislative body; and
summary
This bill provides local control to municipalities over the duration of municipal development districts that are funded by assessments and are not tax increment financing districts. Municipal development districts that are tax increment financing districts continue to be subject to the 30-year duration limitation under current law.