|Posted:||December 10, 2015 01:06 PM|
|From:||Representative Martina A. White|
|To:||All House members|
|Subject:||Co-Sponsorship: White--CEI Act Legislation|
|In the near future, I intend to introduce legislation to amend the law governing Neighborhood Improvement Districts (NID’s) in Philadelphia (known as the Community and Economic Improvement, or “CEI” Act).
The changes are limited to circumstances where all or a portion of a NID overlaps with a Tax Increment Financing (TIF) District, and are administrative in nature. The bill harmonizes inconsistent definitions and procedures between the two acts, which will make the process more efficient. Approval will facilitate financing of a TIF by putting it on even footing with other states, where the TIF and NID laws are written to work together so that assessments under the NID can be used to support financing within a TIF district.
Specifically, the Bill creates a new Section 14 in the CEI Act that is applicable only to NIDs overlapping TIFs. The bill:
1. Coordinates definitions of the District boundaries between the TIF and CEI acts;
2. Enables the same authority to issue debt under both acts and use certain NID revenues to service TIF debt;
3. Enables the same authority to administer the district under both acts;
4. Eliminates the requirement for separate plans when the acts are used in conjunction;
5. Rationalizes provisions of the CEI Act with debt-service requirements of TIF lenders; and,
6. Provides consistency in eligible uses of funds between the acts.
If you have any questions, please contact Thomas Konen in my office at 215-330-3711.
Introduced as HB1788