|Posted:||December 12, 2018 03:28 PM|
|From:||Senator Mario M. Scavello|
|To:||All Senate members|
|Subject:||Neighborhood Improvement District (NID) Changes|
In the near future, I intend to introduce two pieces of legislation, similar to Senate Bill 1238 of 2017-18 Legislative Session, 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.
These two pieces of legislation would amend the TIF Act and the NID Act to harmonize and streamline the relationship between the NID Act and the 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 two-bill package 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 firstname.lastname@example.org.
Introduced as SB804
|Description:||Amending the Neighborhood Improvement District Act, further providing for changes to harmonize and streamline the relationship between NID and TIF,|
|Description:||Amending the Tax Increment Financing Act, increasing the threshold for TIF from 20 years up to 30 years.|