50-2902. FINDINGS AND PURPOSE. It is hereby found and declared that there exists in municipalities a need to raise revenue to finance the economic growth and development of urban renewal areas and competitively disadvantaged border community areas. The purpose of this act is to provide for the allocation of a portion of the property taxes levied against taxable property located in a revenue allocation area for a limited period of time to assist in the financing of urban renewal plans, to encourage private development in urban renewal areas and competitively disadvantaged border community areas, to prevent or arrest the decay of urban areas due to the inability of existing financing methods to promote needed public improvements, to encourage taxing districts to cooperate in the allocation of future tax revenues arising in urban areas and competitively disadvantaged border community areas in order to facilitate the long-term growth of their common tax base, and to encourage private investment within urban areas and competitively disadvantaged border community areas. The foregoing purposes are hereby declared to be valid public purposes for municipalities.
History:
[50-2902, added 1988, ch. 210, sec. 2, p. 393; am. 1990, ch. 430, sec. 3, p. 1190; am. 1994, ch. 381, sec. 1, p. 1223.]
Structure Idaho Code
Title 50 - MUNICIPAL CORPORATIONS
Chapter 29 - LOCAL ECONOMIC DEVELOPMENT ACT
Section 50-2901 - SHORT TITLE.
Section 50-2902 - FINDINGS AND PURPOSE.
Section 50-2903 - DEFINITIONS.
Section 50-2903A - EFFECT OF ORDINANCE TO MODIFY URBAN RENEWAL PLAN — EXCEPTION.
Section 50-2904 - AUTHORITY TO CREATE REVENUE ALLOCATION AREA.
Section 50-2905 - RECOMMENDATION OF URBAN RENEWAL AGENCY.
Section 50-2905A - ELECTION NECESSARY FOR EXPENDITURES ON CERTAIN PROJECTS.
Section 50-2906 - PUBLIC HEARING AND ORDINANCE REQUIRED.
Section 50-2908 - DETERMINATION OF TAX LEVIES — CREATION OF SPECIAL FUND.
Section 50-2909 - ISSUANCE OF BONDS — BOND PROVISIONS.
Section 50-2910 - BONDS NOT GENERAL OBLIGATION OF AGENCY OR MUNICIPALITY.
Section 50-2911 - LIMITATIONS ON REVIEW.