SB 307: Allow tax increment financing for police, firefighting facilities

This bill amends the law to allow funding for police and firefighting facilities in tax increment financing arrangements. The law defines various terms, including "blighted area," "improved area," "housing renovation," and "public infrastructure improvement." To qualify, an area must meet certain criteria, such as having low-income residents, high unemployment rates, and inadequate public infrastructure. The law also allows for the creation of "incentive districts" where improvements to certain parcels of land can be declared a public purpose and exempt from taxation. The exemptions can last up to ten years and can be used to finance public infrastructure improvements, such as police and firefighting facilities. Municipal corporations must conduct public hearings and provide notice to property owners before adopting such ordinances.<br>A municipal corporation can create an incentive dis…