Resort area boards could use property tax growth for infrastructure

A resort area board could authorize a development district and use growth in property tax revenue to support infrastructure. The development district must lie within or match the resort area district. Its projects must serve economic development or infrastructure there. The board would have to commission a report on infrastructure gaps and adopt a plan that addresses them. The plan must explain how tax spending would support infrastructure and help attract or keep projects that add value. If passed and approved, these provisions would take effect immediately.

A resort area district’s tax financing provision would expire. This rule applies to development districts authorized by resort area districts. It would end in the 15th year after adoption or when pledged bonds and interest are paid, provided for in full, or discharged, whichever comes later. Original or replacement bonds could not extend it beyond the 25th year.

After financing ends, local taxing bodies would receive property taxes from the development district. This covers property taxes and unspent tax money from a development district authorized by a resort area district. The resort area district could keep tax money it collected but has not spent and use it under its plan. Once the plan’s infrastructure gaps are fixed, it must divide any remaining money among taxing bodies based on their share of property tax revenue from the area. These rules apply when the tax financing provision ends.