(a)(1) Upon the creation of the redevelopment district, the local governing body shall cause the preparation of a project plan for each redevelopment district, and the project plan shall be adopted by ordinance of the local governing body.
(2)This process shall conform to the procedures set forth in this section.
(b)Each project plan shall include:
(1)A statement listing the kind, number, and location of all proposed public works or improvements benefiting the district;
(2)(A) An economic analysis prepared by a third party independent of the local governing body that shall include the projected aggregate tax impact, if any, to taxing units as a result of the creation of a redevelopment district.
(B)The economic analysis shall include a comparison of the projected ad valorem tax reven
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(a) (1) Upon the creation of the redevelopment district, the local governing body shall cause the preparation of a project plan for each redevelopment district, and the project plan shall be adopted by ordinance of the local governing body. (2) This process shall conform to the procedures set forth in this section. (b) Each project plan shall include: (1) A statement listing the kind, number, and location of all proposed public works or improvements benefiting the district; (2) (A) An economic analysis prepared by a third party independent of the local governing body that shall include the projected aggregate tax impact, if any, to taxing units as a result of the creation of a redevelopment district. (B) The economic analysis shall include a comparison of the projected ad valorem tax revenue diverted from taxing units to the redevelopment district special fund against all projected sales, income, and ad valorem taxes received by taxing units or recaptured by taxing units from neighboring states as a result of the creation of the redevelopment district. (C) (i) The local governing body shall submit the economic analysis to the Arkansas Economic Development Commission for review. (ii) The commission shall review the economic analysis and provide written comments as to its economic feasibility to the local governing body no later than thirty (30) days after submission by the local governing body; (3) A list of estimated project costs; (4) A description of the methods of financing all estimated project costs, including the issuance of tax increment bonds; (5) A certification by the county assessor of the base value as of the date of certification; (6) A certification by the county clerk or county tax collector, if the county operates under the unit tax ledger system, of the total ad valorem rate, debt service ad valorem rate, and applicable ad valorem rate for the redevelopment district as of the date of certification; (7) The type and amount of any other revenues that are expected to be deposited to the special fund of the redevelopment district; (8) A map showing existing uses and conditions of real property in the district; (9) A map of proposed improvements and uses in the district; (10) Proposed changes of zoning ordinances; (11) Appropriate cross-references to any master plan, map, building codes, and city ordinances affected by the project plan; (12) A list of estimated nonproject costs; (13) A statement of the proposed method for the relocation of any persons to be displaced; and (14) An estimate of the timing, number, and types of jobs to be created by the redevelopment project. (c) If the project plan is to include tax increment financing, the tax increment financing portion of the plan shall set forth: (1) An estimate of the amount of indebtedness to be incurred pursuant to this subchapter; (2) An estimate of the tax increment to be generated as a result of the project; (3) The method for calculating the tax increment, which shall be in conformance with the provisions of this subchapter, together with any provision for adjustment of the method of calculation; (4) Any other revenues, such as payment-in-lieu-of-taxes revenues, to be used to secure the tax increment financing; and (5) Any other provisions as may be deemed necessary in order to carry out any tax increment financing to be used for the redevelopment project. (d) If less than all of the tax increment is to be used to fund a redevelopment project or to pay project costs or retire tax increment financing, the project plan shall set forth the portion of the tax increment to be deposited into the special fund of the redevelopment district, and provide for the distribution of the remaining portion of the tax increment to the taxing units in which the district lies. (e) (1) The local governing body shall hold a public hearing at which interested parties are afforded a reasonable opportunity to express their views on the proposed project plan. (2) (A) Notice of the hearing shall be published in a newspaper of general circulation in the city or county at least fifteen (15) days prior to the hearing. (B) Prior to this publication, a copy of the notice shall be sent by first-class mail to the chief executive officers of all local governmental and taxing entities having the power to levy taxes on property located within the proposed redevelopment district and to the superintendent of any school district which includes property located within the proposed redevelopment district. (3) The hearing may be held in conjunction with the hearing set forth in § 14-168-305(b)(1) . (f) (1) Approval by the local governing body of a project plan must be within one (1) year after the date of the county assessor's certification required by subdivision (b)(5) of this section. (2) The approval shall be by ordinance which contains a finding that the plan is economically feasible.