HB3431 Summary

• Amends the Tax Increment Allocation Redevelopment Act to allow municipalities to make payments in lieu of taxes exclusively to fire protection districts within redevelopment areas, rather than proportionally to all taxing districts.

• Permits such exclusive payments to fire protection districts only if the municipality finds by resolution that the fire district will receive a unique impact and burden on its services distinct from other taxing districts due to new development.

• Limits exclusive fire district payments to an amount not exceeding what the fire protection district would have received had the project redevelopment ordinance not been adopted.

• Takes effect immediately upon becoming law.