Redevelopment Districts Calendar
Any redevelopment district created before July 1, 1996, may receive state moneys
in an amount equal to the amount by which tax increment revenues are reduced for the
coming year, because of legislative changes in the Statewide school finance formula.
Legislation was enacted in 1996 to ensure that cities with redevelopment districts
wouldn't be affected by changes in the school mill rate. The Legislature created the
Tax Increment Revenue Replacement Fund in the State Treasurer's Office, and funded it
with General Fund moneys. Staff in the Division of Accounts and Reports will administer
provisions of the legislation.
|Date or Time
|Prior to February 1
||Cities which have eligible redevelopment districts
certify the amount by which ad valorem tax revenues of the district are estimated
to be reduced the next calendar year from changes in the statewide school finance
formula to the Director of Accounts and Reports.
|Prior to March 1
||The Director of Accounts and Reports certifies to the
State Treasurer each amount certified by the cities and transfers to the city tax
increment financing revenue fund the total of the amounts certified by the cities.
|Prior to April 15
||The State Treasurer pays from the Tax Increment Revenue
Replacement Fund to each city the amount certified by the Director of Accounts