Section 850.702 - Financing of project costs A portion of incremental tax revenues transferred to a TRID shall be dedicated to completion and future maintenance of the specific and necessary transit capital and public infrastructure improvements designated in the comprehensive plan amendment and TRID planning study as follows:
(1) Local taxing bodies shall approve that portion of revenues which shall be dedicated to support TRID implementation and that portion which shall be dedicated for general government purposes.(1.1) A public transportation agency may not use the revenue for a transit capital investment outside of a designated TRID except if the investment is necessary and integral to achieve an approved TRID implementation objective.(2) Local municipalities, school districts and the county shall establish an amortization schedule for receipt, investment and expenditure of any TRID tax incremental revenues similar to , but not limited by, the financing of costs provisions in the act of July 11, 1990 ( P.L. 465, No.113), known as the Tax Increment Financing Act. Incremental tax revenue generated by a TRID property may be directed for use in TRID projects or eligible projects, including for use in financing a bond the proceeds of which are used in TRID projects or eligible projects, for up to 20 years from the date a property is designated as a parcel in a TRID.(3) For the purposes of this act, project costs and the financing thereof shall be regarded as like and similar to the provisions delineated in the Tax Increment Financing Act.Amended by P.L. TBD 2016 No. 151, § 4, eff. 2/2/2017.2004, Dec. 8, P.L. 1801, No. 238, §702, effective in 60 days [ 2/7/2005].