Section 11-9-1 - Definition of termsTerms used in this chapter mean:
(1) "Department," the Department of Revenue;(2) "District," a tax increment financing district;(3) "Governing body," the board of trustees, the board of commissioners, the board of county commissioners, or the common council of a municipality;(4) "Grant," the transfer of money or property to a transferee for a governmental purpose that is not a related party to or an agent of the political subdivision;(5) "Planning commission," a planning commission created under chapters 11-2 or 11-6, a planning committee of a governing body of a political subdivision that does not have a planning commission, or the governing body of a political subdivision that does not have a planning commission or planning committee;(6) "Political subdivision," a municipality, as defined in § 11-6-1, or county of this state;(7) "Project plan," the properly approved plan for the development or redevelopment of a tax increment financing district including all properly approved amendments to the plan;(8) "Tax increment financing district," a contiguous geographic area within a political subdivision defined and created by resolution of the governing body;(9) "Taxable property," all real and personal taxable property located in a tax increment financing district;(10) "Tax increment valuation," the total value of the tax increment financing district minus the tax increment base as determined pursuant to § 11-9-19.SL 1978, ch 91, § 1; SL 1991, ch 114, § 1; SL 1992, ch 60, § 2; SL 1996, ch 69, § 16; SL 2003, ch 272 (Ex. Ord. 03-1), § 82; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011; SL 2011, ch 73, §1; SL 2018, ch 70, §7; SL 2024, ch 45, §1.Amended by S.L. 2024, ch. 45,s. 1, eff. 7/1/2024.Amended by S.L. 2018, ch. 70,s. 7, eff. 7/1/2018.