(a) The county commission or municipality creating the district shall cause the preparation of a project plan for each development or redevelopment district and the project plan shall be adopted by order of the county commission, or ordinance adopted by the governing body of the municipality, after it is approved by the executive director of the Development Office. 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 other improvements within the district and on land outside but contiguous to the district;
(2) A cost-benefit analysis showing the economic impact of the plan on each levying body that is at least partially within the boundaries of the development or redevelopment district. This analysis shall show the impact on the economy if the project is not built and is built pursuant to the development or redevelopment plan under consideration. The cost-benefit analysis shall include a fiscal impact study on every affected levying body and sufficient information from the developer for the agency, if any proposing the plan, the county commission being asked to approve the project and the Development Office to evaluate whether the project as proposed is financially feasible;
(3) An economic feasibility study;
(4) A detailed list of estimated project costs;
(5) A description of the methods of financing all estimated project costs, including the issuance of tax increment obligations and the time when the costs or monetary obligations related thereto are to be incurred;
(6) A certification by the county assessor of the base assessed value of real and tangible personal property having a tax situs in a development or redevelopment district:Provided, That if such certification is made during the months of January or February of each year, the county assessor may certify an estimated base assessed value of real and tangible personal property having a tax situs in a development or redevelopment district:Provided, however, That prior to issuance of tax increment obligations, the county assessor shall certify a final base assessed value for the estimated base assessed value permitted by this section;
(7) The type and amount of any other revenues that are expected to be deposited to the tax increment financing fund of the development or redevelopment district;
(8) A map showing existing uses and conditions of real property in the development or redevelopment district;
(9) A map of proposed improvements and uses in the district;
(10) Proposed changes of zoning ordinances, if any;
(11) Appropriate cross-references to any master plan, map, building codes and municipal ordinances or county commission orders 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, businesses or organizations to be displaced;
(14) A certificate from the executive director of the workers’ compensation commission, the commissioner of the Bureau of Employment Programs and the State Tax Commissioner that the project developer is in good standing with the workers’ compensation commission, the Bureau of Employment Programs and the state Tax Division; and
(15) A certificate from the sheriff of the county or counties in which the development or redevelopment district is located that the project developer is not delinquent on payment of any real and personal property taxes in such county.
(c) If the project plan is to include tax increment financing, the tax increment financing portion of the plan shall set forth:
(1) The amount of indebtedness to be incurred pursuant to this article;
(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 article, together with any provision for adjustment of the method of calculation;
(4) Any other revenues, such as payment in lieu of tax 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 development or redevelopment project.
(d) If less than all of the tax increment is to be used to fund a development or 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 in the tax increment financing fund of the development or redevelopment district and provide for the distribution of the remaining portion of the tax increment to the levying bodies in whose jurisdiction the district lies.
(e) The county commission or governing body of the municipality that established the tax increment financing fund shall hold a public hearing at which interested parties shall be afforded a reasonable opportunity to express their views on the proposed project plan being considered by the county commission or the governing body of the municipality.
(1) Notice of the hearing shall be published as a Class II legal advertisement in accordance with §59-3-2 of this code.
(2) At least 30 days prior to the public hearing, a copy of the notice shall be sent by first-class mail to the chief executive officer of all other levying bodies having the power to levy taxes on property located within the proposed development or redevelopment district.
(f) Approval by the county commission or the governing body of a municipality of an initial development or redevelopment project plan must be within one year after the date of the county assessor’s certification required by subdivision (6), subsection (b) of this section:Provided, That additional development or redevelopment project plans may be approved by the county commission or the governing body of a municipality in subsequent years, so long as the development or redevelopment district continues to exist. The approval shall be by order of the county commission or ordinance of the municipality, which shall contain a finding that the plan is economically feasible.