SB2202 Summary

• Extends the completion date for the City of Sparta's TIF #1 redevelopment project (established December 23, 1986) to 47 years instead of 35 years under the Tax Increment Allocation Redevelopment Act.

• Allows the estimated completion date and retirement of TIF obligations to be extended to December 31 of the year in which payment is made with respect to ad valorem taxes levied in the 47th calendar year after the ordinance adoption date.

• Specifies that redevelopment project areas extended under this provision remain continuous and unexpired from the original ordinance adoption date through the new estimated completion dates.

• Requires the City of Sparta to adopt an ordinance extending the TIF life to 47 years and provide notice to taxing bodies 14-30 days before adoption.

• Takes effect immediately upon becoming law.