2005 Idaho Code - 50-2902 — FINDINGS AND PURPOSE

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 29
                        LOCAL ECONOMIC DEVELOPMENT ACT
    50-2902.  FINDINGS AND PURPOSE. It is hereby found and declared that there
exists in municipalities a need to raise revenue to finance the economic
growth and development of urban renewal areas and competitively disadvantaged
border community areas. The purpose of this act is to provide for the
allocation of a portion of the property taxes levied against taxable property
located in a revenue allocation area for a limited period of time to assist in
the financing of urban renewal plans, to encourage private development in
urban renewal areas and competitively disadvantaged border community areas, to
prevent or arrest the decay of urban areas due to the inability of existing
financing methods to promote needed public improvements, to encourage taxing
districts to cooperate in the allocation of future tax revenues arising in
urban areas and competitively disadvantaged border community areas in order to
facilitate the long-term growth of their common tax base, and to encourage
private investment within urban areas and competitively disadvantaged border
community areas. The foregoing purposes are hereby declared to be valid public
purposes for municipalities.