Bill > SB3

This bill requires local governments that adopt tax increment financing (TIF) provisions to create an advisory committee to provide oversight and input on urban renewal areas or targeted economic development districts. The bill mandates that these advisory committees must include at least one representative from each incorporated city or town, county, and school district whose boundaries overlap with the urban renewal area. The committees are designed to provide advice about the administration of these districts and ensure local stakeholders have a voice in the process. The bill modifies existing law to specify that the urban renewal agency's board of commissioners must now include representatives from the county and local school districts, with a minimum of five commissioners. An exception is made for urban renewal areas administered by specific urban renewal agencies, which are not required to form such advisory committees. The changes aim to increase transparency and local input in tax increment financing decisions, ensuring that affected local governments and school districts have an opportunity to provide input on how these districts are managed and how they might impact local tax revenues and services.

Budget and Finance

https://bills.legmt.gov/#/laws/bill/20251/LC0083