6. HRSR 05-03-2010 - Laserfiche WebLink

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public improvements primarily designed to serve private passenger motor vehicles. The request to certify a compact development district must be filed with the county after June 30, 2010 but before June 30, 2012. 2. Liberalization of Economic District Rules. The Jobs Bill provides that an economic development district may be created for any development. Tax increments from an economic development district may be used to provide improvements, loans subsidies, grants, interest rate subsidies or assistance in any form to developments consisting of buildings and ancillary facilities if the following conditions are met: (a) The municipality finds the project will create or retain jobs in the state, including construction jobs, and the construction of the project would not have commenced before July 1, 2011 without the assistance to be provided; (b) Construction of the project begins no later than July 1, 201 l; and (c) The request for certification of the district is made to the county no later than June 30, 2011. 3. Tem~orary Authority to Stimulate Construction. The Jobs Bill authorizes tax increments from an existing tax increment district, whenever the district was certified -and not withstanding any law to the contrary, to be spent for any of the following purposes: (a) To provide improvements, loans, interest rate subsidies or assistance in any form to private development consisting of the construction or substantial rehabilitation of buildings and ancillary facilities, if doing so will create or retain jobs in the state, including construction jobs, and construction commences before July 1, 2011, and would not commence before that date without the assistance; and (b) To make a equity or similar investment in a corporation, partnership or limited liability company that the authority determines is necessary to make the construction of a development meeting the requirements of paragraph (a) above financially feasible. The authority must adopt a written spending plan that specifically authorizes the assistance. A notice of public hearing on the spending plan must be published in a newspaper of general circulation at least once and not less than 10 days and not more than 30 days prior to the date of hearing. The authority to spend tax increments under this authorization expires on December 31, 2011. Expenditures of tax increments are not allowed beyond that date. 366669v1 MMD KG400-1 2