Tennessee § 13-20-706 - Tax increment financing provision.

§ 13-20-706. Tax increment financing provision.

An authority is authorized to adopt a transit-oriented redevelopment plan that contains a tax increment financing provision stipulating that any taxes levied upon property within the boundaries of the transit-oriented redevelopment plan each year by a taxing agency after the effective date of the resolution of the governing body approving the transit-oriented redevelopment plan or amendment, shall be divided as provided in § 9-23-103. If an authority adopts a transit-oriented redevelopment plan or an amendment to an existing plan that includes tax increment financing provisions, the new plan or the existing plan, as amended, must describe, in addition to the matters required by § 13-20-704(a)(1), the following: An estimate of the cost of the transit-oriented redevelopment project; The sources of revenue to finance the costs of the project, including the estimated tax increment; An estimate of the amount and the final maturity of bonded or other indebtedness to be incurred; and An estimate of the impact of the tax increment financing provision upon all taxing agencies in which the transit-oriented redevelopment project is to be located. The information set forth in subdivision (b)(1) shall be made available to the public not less than five (5) days prior to the date set for the public hearing required by § 13-20-704(a)(3). After the approval by the governing body of a transit-oriented redevelopment plan containing a tax increment financing provision or an amendment to an existing plan adding a tax increment financing provision, the authority shall transmit to the appropriate assessors of property and to each taxing agency to be affected: A copy of the description of all land within the transit-oriented redevelopment area; The date or dates of the approval of the transit-oriented redevelopment plan or amendment to the plan; A copy of the resolution approving the redevelopment plan or approving an amendment to the plan; and A map or plat indicating the boundaries of the property. Taxes shall, when collected, be allocated and paid in the manner provided in the transit-oriented redevelopment plan or amendment to the plan. The following types of property shall have the same tax status as if such leased property were owned by private individuals or corporations: Any property which the authority financed with tax increments, and leases to private individuals or corporations for development under a transit-oriented redevelopment plan; and Any property which the authority has financed with tax increments, and has developed under a transit-oriented redevelopment plan and leases to private individuals or corporations. In the event of any conflict between this section or this part and the Uniformity in Tax Increment Financing Act of 2012, the Uniformity in Tax Increment Financing Act of 2012 shall control. Acts 2017, ch. 254, § 1.