The bill creates a mechanism for a local government to create a job creation district (district) in which to support an eligible project (project) that generates jobs. The mechanism also creates a local job creation authority (authority) with the power to receive and utilize 90% of the portion of moneys derived from the increased tax revenues collected in the district that is above a designated level of base tax revenues to be used to finance improvements related to the project.
Any public or private entity may submit to a governing body of a local government a request to form a district. The bill specifies the information that a public or private entity is required to include in the proposal for a district and the criteria that the proposal is required to satisfy to be approved. The governing body of a local government must hold a public hearing to review and consider proposals for a district.
In connection with the formation of a district, a governing body is authorized to form an authority. The bill specifies the powers of the authority and allows the authority to issue bonds to finance improvements in connection with a project.