|Posted:||March 16, 2018 02:37 PM|
|From:||Senator Mario M. Scavello|
|To:||All Senate members|
|Subject:||Neighborhood Improvement District Changes|
|In the near future, I intend to introduce legislation to amend the Neighborhood Improvement District (NID) Act as it relates to the Tax Increment Financing (TIF) Act.
Similar legislation specific to Philadelphia was passed unanimously out of the House and Senate in 2016. Act 32 of 2016 amended the law governing NID’s in Philadelphia known as the Community and Economic Improvement (CEI) Act. This legislation would apply the same changes made in the CEI statewide.
This legislation would amend the NID Act to harmonize and streamline the relationship between the NID Act and the Tax Increment Financing (TIF) Act, as the municipal finance lending community increasingly expects elements from each Act to secure the same transactions. The changes are limited to circumstances where a NID overlaps with a TIF District, and are administrative in nature.
Specifically, the legislation does the following:
The passage of this bill will further strengthen the Commonwealth’s commitment to economic growth and provide municipalities with additional tools to incentivize economic growth, create jobs and revitalize economically-depressed areas.
Please join me in co-sponsoring this legislation. If you have any questions regarding this legislation, please contact Christine Zubeck in my office at 717-787-6123 or email@example.com.
Introduced as SB1238