An Act To Amend the Laws Governing the Allowable Uses of Tax Increment Financing Funds
Sec. 1. 30-A MRSA §5225, sub-§1, ¶A, as amended by PL 2007, c. 413, §5, is further amended to read:
(1) Capital costs, including, but not limited to:
(a) The acquisition or construction of land, improvements, buildings, structures, fixtures and equipment for public, arts district or commercial use;
(b) The demolition, alteration, remodeling, repair or reconstruction of existing buildings, structures and fixtures;
(c) Site preparation and finishing work; and
(d) All fees and expenses that are eligible to be included in the capital cost of such improvements, including, but not limited to, licensing and permitting expenses and planning, engineering, architectural, testing, legal and accounting expenses;
(2) Financing costs, including, but not limited to, closing costs, issuance costs and interest paid to holders of evidences of indebtedness issued to pay for project costs and any premium paid over the principal amount of that indebtedness because of the redemption of the obligations before maturity;
(3) Real property assembly costs;
(4) Professional service costs, including, but not limited to, licensing, architectural, planning, engineering and legal expenses;
(5) Administrative costs, including, but not limited to, reasonable charges for the time spent by municipal employees in connection with the implementation of a development program;
(6) Relocation costs, including, but not limited to, relocation payments made following condemnation; and
(7) Organizational costs relating to the establishment of the district, including, but not limited to, the costs of conducting environmental impact and other studies and the costs of informing the public about the creation of development districts and the implementation of project plans; and
(8) Costs relating to planning, design, construction, maintenance, grooming and improvements to new or existing recreational trails, including bridges that are part of the trail corridor, used all or in part for all-terrain vehicles, snowmobiles, hiking, bicycling, cross-country skiing or other related multiple purposes.
summary
This bill allows for tax increment financing proceeds reserved for use by municipalities to be used for expenses relating to recreational trails to enhance recreational opportunities to promote economic growth.