modify requirements to create a tax increment financing district.

Summary

The bill revises the definition of a tax increment financing (TIF) district and tightens the requirements a city or county must meet before establishing one. It adds new consent rules between counties and municipalities, sets limits on the share of taxable property that can be included, and clarifies what counts as a blighted area and project costs. The changes affect any political subdivision that wants to use TIFs for redevelopment projects.

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