§ 40-58-20.2 — Tax increment financing proposal - Public hearing - Invitation to representatives of affected taxing districts

North Dakota § 40-58-20.2

• Jurisdiction: North Dakota
• Title 40: Municipal Government
• Ch. 40-58: Urban Renewal Law

Text

representatives of affected taxing districts.
1. Before approval of a development or renewal plan for any development or renewal
area under section 40-58-20, the governing body of the municipality shall conduct a
public hearing on the proposal. The governing body shall provide invitations to
participate in the public hearing to the governing body of each county, school district,
and park district within the development or renewal area. At a minimum, the governing
body of the municipality shall provide the following information at the public hearing:
a. The anticipated costs of development of property to be reimbursed by tax
incentives.
b. The anticipated annual revenue from tax increments which will be received to
complete the development or renewal plan.
c. The anticipated date when the plan will be completed, the costs will be fully paid,
and the tax increments will be released.
d. The estimate of the dollars annually attributable to the levies from each taxing
entity which will be credited to the tax increment fund.
2. Before granting a property tax incentive on any parcel of property that is anticipated to
receive a property tax incentive for more than five years, the governing body of the
municipality must comply with the requirements in section 40-05-24.