Redevelopment Plans And Tax-Increment Financing

REDEVELOPMENT PLANS. TAX-INCREMENT FINANCING INITIATIVE STATUTE. Permits referendum to challenge ordinances adopted after 12/31/74, with specified exceptions, which affect redevelopment plans by authorizing financing from tax revenues attributable to increased value of project area properties arising after the adoption of the ordinance approving such financing. Prohibits expenditures or incurrence of obligations for project after petition qualifies for ballot until election is held. Requires that information concerning potential tax increase resulting from ordinance appear on ballot. If ordinance is rejected by majority vote, tax-increment financing is repealed, but it shall be used to extinguish existing bond obligations. Financial impact: Minor increase in local costs