[Amended 11-29-1994 by Ord. No. 1994-30]
[Amended 5-9-2000 by Ord. No. 2000-10; 9-20-2000 by Ord. No.
2000-26; 6-12-2002 by Ord. No. 2002-18; 2-26-2008 by Ord. No.
2008-4]
The Mayor shall appoint a Tax Increment Financing (TIF) Board
whose members shall be as follows:
[Amended 4-20-2001 by Ord. No. 2001-14]
The Tax Increment Financing Board shall be advisory in its capacity,
and shall report its findings and recommendations in their final form
to the City Council Committee on Finance, which shall then pass on
its recommendations to the full City Council, whereupon a final decision
shall be made.
[Amended 2-9-1999 by Ord. No. 1999-3]
A.
The tax increment financing zones shall be located within the proposed
economic opportunity area. They shall include those portions of the
respective census tracts which are zones for industrial/commercial/general
business and neighborhood business purposes. There shall be four tax
increment financing zones. They shall correspond to the economic opportunity
areas.
B.
The tax increment financing zones are as follows:
(1)
TIF Zone I. This zone shall include portions of the following census
tracts: 6403, 6404, 6405, 6410, 6420 and 6421. It represents the waterfront
portions of the City from the Rhode Island border to the municipal
border with Freetown, Massachusetts.
(2)
TIF Zone II. This zone shall include portions of the following census
tracts: 6408, 6409, 6411, 6412, 6413, 6414, 6418 and 6419. The zone
is parallel to Interstate 195 and includes portions of the central
business district, the Flint business district, and several industrial
areas characterized by multi-story mill structures.
(3)
TIF Zone III. This zone shall include portions of the following census
tracts: 6401, 6402, 6406 and 6407. This area includes the commercial
districts in the south end of the City and also includes several industrial
areas.
(4)
TIF Zone IV. This zone shall include portions of the following census
tracts: 6415, 6416, 6417, 6422 and 6425. This area includes the industrial
park and other parcels zoned for industrial development and commercial
development, including the site of the former Fall River Municipal
Airport.
A.
Public projects that are proposed for the tax increment financing
zones and that would be financed through betterment or special assessment
shall be revised by the Tax Increment Financing Board as part of each
project's application for certification.
B.
Each project shall be reviewed and considered by the Tax Increment
Financing Board. At the time when agreements are finalized, it shall
be determined whether tax increment financing exemption or special
assessment is more appropriate.
Specific public projects that are required to facilitate further
economic development and that would be financed through cost betterments
and special assessments shall be incorporated into tax increment financing
agreements as each is negotiated.
A.
Authorization generally. It is the intent of the City to authorize
tax increment exemptions from property tax on a project-by-project
basis.
B.
Term. Under no circumstances shall the term of any specific agreement
exceed 20 years in duration.
D.
Limitation on amount. The exemption shall be limited to the incremental
tax portion of the value of the property that is approved as part
of a certified project.
E.
Effective date. The exemption shall become effective on July 1 following
the date on which the State Economic Assistance Coordinating Council
approves the tax increment financing plan. Thereafter, individual
exemptions shall become effective in accordance with the terms defined
in each of the specific tax increment financing agreements.
The City, acting through the Tax Increment Financing Board,
reserves the right to establish a maximum percentage of the cost of
any public project that shall be recovered through betterments or
special assessments against one parcel with respect to which a tax
increment financing agreement is executed. In addition, the City,
acting through the Tax Increment Financing Board, shall determine
on a project-by-project basis the need for and appropriateness of
financing by either special assessment or tax increment financing.
[Amended 4-20-2001 by Ord. No. 2001-14]
Authority to execute tax increment financing agreements in the
form approved by the City Council shall be delegated to the Tax Increment
Financing Board.
Tax increment financing in accordance with the tax increment
financing plan shall become effective upon approval of the tax increment
financing plan by the State Economic Assistance Coordinating Council
established by MGL c. 23A, § 3B, and the regulations adopted
pursuant thereto.
A.
Each certified project under this division shall submit an annual
report to the Tax Increment Financing Board no later than June 30
of each calendar year.
B.
The City may at any time petition the State Economic Assistance Coordinating
Council to revoke its designation of a tax increment financing zone
and, as a consequence of such revocation, shall immediately cease
the execution of any additional agreements pursuant thereto. Such
revocation shall not affect agreements relative to property tax exemption
and limitations on betterments and special assessments pursuant thereto
which were executed prior thereto.
C.
The Tax Increment Financing Board shall review annually the status
of each tax increment financing agreement to determine compliance
with the terms and conditions of each certified project. The Tax Increment
Financing Board shall be authorized to petition the state economic
assistance coordinating council to revoke any and all incentives for
projects that are determined to be out of compliance with the tax
increment financing agreement after reasonable efforts to remedy the
compliance deficiency.
D.
The tax increment financing agreement shall be binding on each certified
project and enforceable by the City. The Tax Increment Financing Board
shall be authorized to petition the State Economic Assistance Coordinating
Council to revoke all or part of either the special assessment or
tax increment financing for certified projects determined to be out
of compliance with the tax increment financing agreement.
E.
The Tax Increment Financing Board shall forward to the Board of Assessors
a copy of each tax increment financing agreement rescission or revocation.
F.
The Tax Increment Financing Board shall forward to the Board of Assessors
a copy of each executed tax increment financing agreement, together
with a list of parcels included therein.
The Tax Increment Financing Board shall be authorized to negotiate
tax increment financing agreements in accordance with the following
guidelines for terms and conditions:
A.
Tax incentives, betterments, special assessments and tax increment
financing up to the maximum allowable within the enabling legislation
for certified projects which commit to hiring Fall River Economic
Target Area residents in 100% of the jobs to be created, or for certified
projects whose economic impact merits such consideration by the Tax
Increment Financing Board.
B.
Tax incentives, betterments, special assessments and tax increment
financing on a proportional basis equivalent to the commitment by
certified projects to hire Fall River Economic Target Area residents
in the jobs to be created.
