SB 508 - 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.

Such project plan shall include, in addition to the current law, the following information:

(1) A statement identifying each taxing district affected by such project;

(2) The most recent equalized assessed valuation of the real property and personal property included in the project, and an estimate as to the equalized assessed valuation of real property and personal property included in the project after development;

(3) An analysis of the costs and benefits of the project on each taxing district; and

(4) Identification of any payments in lieu of taxes, contributions, grants or other payments of any nature whatsoever expected to be made by any lessee of the project, and the disposition of any such payments by the municipality.

Projects of a county must be located within an unincorporated area of such county except that such projects may be located within the incorporated limits of a city, town, or village within such county when approved by the governing body of such city, town, or village.

The act requires a public hearing, with notice provisions to the public and school districts, to hear and consider the proposed plans and any objections, if the plan for the project is approved after August 28, 2003.

After such plan is approved, payments in lieu of taxes shall be made by the lessee to reimburse the municipality for the actual costs of issuing the development bonds and administering the plan.
JEFF CRAVER