SB28

Existing law authorizes the governing body of a municipality to designate a tax increment area for the purpose of creating a special account for the payment of bonds or other securities to defray the cost of certain undertakings, which is defined to include various projects based on the mechanism used to create the tax increment area, including a drainage and flood control project, an overpass project, a sewerage project, a street project, an underpass project, a water project, a natural resources project or a rail project. The designation of a tax increment area provides for the allocation of a portion of the taxes levied upon taxable property in the tax increment area each year to pay the bond requirements of loans, money advanced to or indebtedness incurred by the municipality to finance or refinance the undertaking. (NRS 278C.140, 278C.150, 278C.250) Section 13 of this bill revises the definition of undertaking to include: (1) an affordable housing project; (2) a fixed guideway project; (3) a high-capacity transit project; (4) a multi-family housing project; (5) a transit-oriented development; and (6) a transportation project. Sections 3-11 of this bill define these projects and certain terms relating to these projects. Section 12 of this bill establishes requirements for a governing body of a municipality to order one of these undertakings, including that the tax increment area be located: (1) in an area designated for transit-oriented development or another land use spe