Section 2/35 Tax Increment Financing Board
There is hereby established within the municipal government an unpaid Tax Increment Financing Board (TIFB) consisting of the following officials: Chairman of the Board of Assessors or his or her designee, Chairman of the Business and Economic Development Committee or his or her designee, Chairman of the Planning Board or his or her designee, Chairman of the Board of Selectmen or his or her designee, Chairman of the Finance Committee or his or her designee, Town Treasurer/Collector and one citizen appointed annually by the Board of Selectmen. The Town Planner is an ex-officio non-voting member. Each member who is a designee shall be appointed annually for a period to serve May 1 through April 30.
Powers and Duties
a. The TIFB shall negotiate agreements between the Town of Raynham and businesses designated as "Certified Projects" for Special Tax Assessment or Tax Increment Financing in accordance with General Laws Chapter 23A and Chapter 40, Section 59, as amended. Agreements as negotiated by the TIFB shall be legally binding only after ratification by Town Meeting. The Town’s designation of specific job creation projects as "Certified Projects" shall be subject to final approval from the Massachusetts Economic Assistance Coordinating Council (EACC). The TIFB does not have the authority to negotiate a TIF for any Water District.
b. The TIFB shall direct the development of a Tax Increment Financing Plan and submit said plan to Town Meeting and EACC as required by state law.
c. Subject to Town Meeting ratification, the TIFB shall determine, on a case-by-case basis, the need for local property tax incentives based upon the General Policy Statement as most recently amended by the TIFB.
d. The TIFB shall forward to the Board of Assessors a copy of each executed agreement to provide property tax incentives to an approved "Certified Project" together with a list of parcels to be included therein.
e. The TIFB shall annually review the status of the executed agreement with each "Certified Project" to determine compliance with the terms and conditions of local project certification. The TIFB shall require corrective action to remedy any identified area of non-compliance, and shall initiate revocation when it determines that there has been failure by the "Certified Project" to make a reasonable effort to remedy the deficiency.
Tax Increment Financing Parcels
Subject only to the approval of the EACC, the TIFB shall establish Tax Increment Financing parcels on a project-by-project basis. The TIFB reserves the right to establish Tax Increment Financing Zones.
Exemptions from Property Tax
Each property tax exemption provided under this chapter shall become effective per the individual Tax Increment Financing Agreement negotiated. Under no circumstances shall the term of any specific exemption agreement exceed 20 years in duration. No exemption shall exceed the incremental increase in assessed valuation of the property that is associated with the approved "Certified Project."
Agreements to provide property tax incentives to "Certified Projects" shall be negotiated and executed in accordance with General Guidelines as most recently amended:
Each "Certified Project" shall submit an annual report to the TIFB no later than June 30 of each calendar year. The TIFB shall thereupon review the status of each "Certified Project" to determine compliance with the terms and conditions included in each executed agreement and submit its annual report to the Town Planner, TIFB and EACC no later than July 31 of each calendar year.
All executed agreements to provide Special Tax Assessment or Tax Increment Financing (including betterment, special assessment and/or exemption from property tax) shall be binding on each party and enforceable by the Town in accordance with General Laws Chapter 23A and Chapter 40, Section 59, as amended. Should the TIFB determine, after reasonable efforts to remedy an identified area of non-compliance, that a "Certified Project" has not met its obligation under the executed agreement, the TIFB with the approval of the Board of Selectmen may petition the EACC to revoke the certification in accordance with appropriate procedures. Upon final action by the EACC, the TIFB shall forward to the Board of Assessors a copy of the revocation of certification and all incentives pursuant thereto. (Submitted by the Tax Increment Financing Board)
Approval by the Massachusetts Economic Assistance Coordinating Council
The agreements are negotiated by the TIFB and shall become effective upon approval by Town Meeting and the Massachusetts Economic Assistance Coordinating Council.
If a court of competent jurisdiction holds any provision of this bylaw invalid, the remainder of the bylaw shall not be affected thereby. The invalidity of any section or sections or parts of any section or sections of this bylaw shall not affect the validity of the remainder of this general bylaw.