Revitalization Commission Agenda and Packet 2016 06 13

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proposed plan. Representatives of the municipal governing body AUTHORITY and THE GOVERNING BODY OF each board of county commissioners and each public body TAXING ENTITY shall then meet and attempt to negotiate an agreement governing the types and limits of tax revenues of each taxing entity to be allocated to the urban renewal plan SHARING OF INCREMENTAL PROPERTY TAX REVENUE ALLOCATED TO THE SPECIAL FUND OF THE AUTHORITY ESTABLISHED IN ACCORDANCE WITH SUBPARAGRAPH(II)OF PARAGRAPH(a)OF SUBSECTION(9)OF THIS SECTION. The agreement must address, without limitation, estimated impacts of the urban renewal plan on county or district services associated solely with the urban renewal plan. The agreement may be entered into separately among the municipality, the authority and each such county or other public body TAXING ENTITY, or through a joint agreement among the municipality, the authority and any public body TAXING ENTITY that has chosen to enter that agreement.Any such allocated shared INCREMENTAL tax revenues governed by any agreement are limited to all or any portion of the INCREMENTAL REVENUE GENERATED BY THE taxes levied upon taxable property by the public body TAXING ENTITY within the area covered by the urban renewal plan in addition to any INCREMENTAL sales tax revenues generated within the area covered by the urban renewal plan by the imposition of the sales tax of the municipality and, AT THE OPTION OF any other public body TAXING ENTITY LEVYING A SALES TAX IN THE AREA COVERED BY THE URBAN RENEWAL PLAN,ANY INCREMENTAL SALES TAX REVENUES OF SUCH OTHER TAXING ENTITY THAT ARE INCLUDED WITHIN THE AGREEMENT. (b) The agreement described in paragraph (a) of this subsection (9.5)may provide for a waiver of any provision of this part 1 that provides for notice to the public body TAXING ENTITY,requires any filing with or by the public body TAXING ENTITY,requires or permits consent from the pub-lie body TAXING ENTITY,or provides any enforcement right to the public body. The municipality may delegate to the authority the responsibility for negotiating the agrccmcnt-dcscribed in paragraph (a) of this subscction (9.5) as long as final approval of the plan or any modification of the plan is made by the governing body of the municipality in accordance with subscction (4) of this scction TAXING ENTITY. (c) If, after a period of one hundred twenty days from the date of notice or such longer or shorter period as the municipal governing body AUTHORITY and any public body TAXING ENTITY may agree, there is no agreement between the municipal governing body AUTHORITY and any PAGE 2-SENATE BILL 16-177