- Introduced -

SB 1040 - This act requires approval of a plan of development by majority vote of the governing body of a municipality when revenue bonds are to be issued for an industrial development project. The governing body, in turn, must furnish each taxing district with an impact statement and an estimate of the equalized assessed valuation of the real and personal property to be included in the development.

The act requires a public hearing, with notice provisions, to hear and consider the proposed plans and any objections.

The act requires that any lease, installment sale, or other such agreement, from a municipality to a development include a payment in lieu of taxes to be made to the municipality which is equal to the lost property tax revenue.

JEFF CRAVER