Title 45
Towns and Cities

Chapter 33.2
Municipal Tax Increment Financing Act

§ 45-33.2-26. Adoption of tax increment district master plan.

(a) In connection with the establishment of a tax increment district, a city or town council shall adopt a tax increment district master plan for each tax increment district and a statement of the percentage or stated sum of increased assessed value to be designated as captured assessed value in accordance with the plan. The tax increment district master plan shall be adopted at the same time that the tax increment district is established, as part of the tax increment district adoption proceedings set forth in §§ 45-33.2-22 through 45-33.2-28.

(b) The tax increment district master plan shall include:

(1) The boundaries of the tax increment district by legal description;

(2) A list of the tax identification numbers for all lots or parcels within the tax increment district;

(3) A description of the present condition and uses of all land and buildings within the tax increment district;

(4) A description of the public facilities, improvements, or programs within the tax increment district anticipated to be added and financed in whole or in part;

(5) A description of the industrial, commercial, residential, mixed-use or retail improvements, downtown development, or transit-oriented development within the tax increment district anticipated to be financed in whole or in part;

(6) A tax increment district financial plan in accordance with subsection (c) of this section;

(7) A plan for the proposed maintenance and operation of the tax increment district after the planned capital improvements are completed; and

(8) The maximum duration of the tax increment district, which may not exceed a total of forty (40) tax years beginning with the tax year in which the tax increment district is established.

(c) The tax increment district financial plan for a tax increment district master plan shall include:

(1) Cost estimates for the public improvements and developments anticipated in the tax increment district master plan;

(2) The maximum amount of indebtedness to be incurred to implement the tax increment district master plan;

(3) Sources of anticipated revenues;

(4) A description of the terms and conditions of any agreements, including any anticipated assessment agreements, contracts, or other obligations related to the tax increment district master plan;

(5) Estimates of increased assessed values of the tax increment district;

(6) The portion of the increased assessed values to be applied to the tax increment district master plan as captured assessed values and resulting tax increments in each year of the plan;

(7) A five-year plan for all revenues and expenditures; and

(8) A plan for costs, as described in § 45-33.2-28, to be paid from any tax increment master plan fund.

(d) The tax increment district master plan may be amended from time to time by a city or town council. The city or town council shall review the tax increment district master plan at least once every five (5) years after the initial approval of the tax increment district and the tax increment district master plan in order for the tax increment district and the tax increment district master plan to remain in effect; provided, however, that so long as any bonds or other indebtedness or obligations authorized and incurred under §§ 45-33.2-22 through 45-33.2-28 remain outstanding, the tax increment district master plan shall remain in effect. With respect to any tax increment district master plan that includes development that is funded in whole or in part by federal funds, the provisions of this subsection shall not apply to the extent that such provisions are prohibited by federal law.