19-100 C.M.R. ch. 1, § 4 - APPLICATION REQUIREMENTS - AMENDMENTS

A. GENERAL

A municipality wishing to amend an approved tax increment financing district and/or development program shall submit to the Department for an application that satisfies the requirements of this section. The municipality shall submit an original and four copies of the application in the case of downtown tax increment financing districts and an original and two copies in the case of all other tax increment financing districts. The municipality shall include with the application any additional information the Department may require.

Examples of such amendments include but are not limited to: alteration of the district boundaries; addition or deletion of project costs to be financed from tax increment revenues; increase or decrease in the amount of indebtedness to be repaid from tax increment revenues; and municipal revaluation.

B. CONTENTS

An application for amendment of a municipal tax increment financing district and/or development program must contain:

1. A cover letter from an authorized municipal official certifying that all information contained in the amendment is true and correct to the best of his or her knowledge.

2. A narrative summary of the changes included in the proposed amendment;

3. Evidence of public hearing for the proposed amendment

a 10 day notice of public hearing, including proof of date of publication

b Minutes of public hearing, attested to and signed

c Record of amended district designation by municipal legislative body

Further, the application must contain any of the following items which have changed from the original application, in the order listed:

4. A completed Employment Goals form provided by the Department;

5. A completed Statutory Requirements & Threshholds form provided by the Department;

6. A Development program which includes

a Description of public facilities, improvements, or programs to be financed in whole or in part by the development program

b Description of commercial facilities, arts districts, improvements or projects to be financed in whole or in part by the development program

c Duration of the program (may not exceed 30 years)

d Certification of original assessed value of the taxable property in the TIF district by the municipal tax assessor, using valuation from the prior March 31st

e A physical description of the amended district including

i. A municipal map clearly showing the site location of the proposed district relative to the municipal boundaries and original district; and

ii. Tax maps clearly delineating the boundaries of the proposed amended district

f Financial plan

i. Cost estimates for the development program

ii. Amount of public indebtedness to be incurred

iii. Sources of anticipated revenues

iv. Description of the terms and conditions of any agreements, contracts or other obligations related to the development program (e.g. credit enhancement agreements CEAs)

v. Estimates of increased assessed values of the district for each year of the program

vi. Portion of the increased assessed values to be applied to the development program as captured assessed values and resulting tax increments in each year of the program

vii. Tax shift calculations for each year of the program

g Plans for the relocation of persons displaced by the development activities

h Proposed regulations and facilities to improve transportation

i Environmental controls to be applied

j Proposed operation of the development district after the planned capital improvements are completed

C. AMENDING ORIGINAL ASSESSED VALUE

If the amendment changes the boundaries of the tax increment financing district, the application for the amendment must contain a statement of the new original assessed value of the district certified by the municipal tax assessor. The changes in boundaries and original assessed value are effective the date the amendment is approved by the Commissioner.

D. TIMING OF SUBMISSION

In order to establish the original assessed value specified in an amendment, a municipality must submit its application to the Department by March 1 of the property tax year in which the municipality approves the amendment, unless the Commissioner, if requested by the municipality before March 1, authorizes submission after March 1 but before March 31.

Notes

19-100 C.M.R. ch. 1, § 4