Section 6930.5 - Creation of tax increment districts and approval of project plans(a)General rule.--A tax increment district shall be created in the following manner: (1) The authority shall make a formal presentation to the governing bodies of all municipalities and school districts which levy property taxes within the area in which the proposed tax increment district will be located. The presentation shall include a description of the proposed boundaries of the district, the tentative plans for the development or redevelopment of the district, and an estimate of the general impact of the proposed district on property values and tax revenues.(2) Each affected municipality and school district shall designate a representative to meet with the authority to discuss the project plan and the tax increment financing, and shall notify the authority of its designated representative. The authority shall meet with the designated representative to discuss the creation of the district, the boundaries of the district, development within the district, the tax increment that the municipality and school district would contribute to the tax increment fund, the exclusion of particular parcels of property from the district, tax collection for the district and any other matter relevant to the proposed tax increment district.(3) The authority shall recommend the boundaries of a tax increment district to be created and shall submit the recommendation to the governing body of the municipality which will create the district. The municipality may be a county.(4) The authority shall prepare a project plan for each tax increment district and submit the plan to the governing body of the municipality which will create the district and to the governing body of any other municipality or school district that levies property taxes within the boundaries of the proposed district. The plan shall include the following:(i) A statement listing the kind, number and location of all proposed public works or improvements and/or all residential, commercial or industrial development and revitalization improvements.(ii) An economic feasibility study of the project and the fiscal effects on the municipal tax base.(iii) A detailed list of estimated project costs.(iv) A description of the methods of financing all estimated project costs and the time when related costs or monetary obligations are to be incurred.(v) A map showing existing uses and conditions of real property in the district.(vi) A map showing proposed improvements and uses therein.(vii) Proposed changes of any zoning ordinance, master plan, map, building code or ordinance.(viii) A list of estimated nonproject costs.(ix) A statement of a proposed method for the relocation of families, persons and businesses to be temporarily or permanently displaced from housing or commercial facilities in the project area by implementation of the plan.(5) The governing body of the municipality which will create the tax increment district shall hold at least one public hearing at which interested parties are afforded a reasonable opportunity to express their views on the concept of tax increment financing, on the proposed creation of a tax increment district and its proposed boundaries, on the proposed adoption of a project plan for the district and the benefits to the municipality. Notice of the hearing shall be published in accordance with the terms of the act of July 3, 1986 (P.L. 388, No. 84), known as the Sunshine Act, and said notice shall be provided by first class mail, postage prepaid, to the governing body of any municipality or school district that levies property taxes within the boundaries of a proposed tax increment district. This notice shall be provided not less than 30 days before the date of the hearing.(6) In order to create a district and adopt a project plan, the governing body of the municipality which will create the tax increment district shall adopt, not earlier than three weeks after the public hearing described in paragraph (5) has been held, a resolution or ordinance which: (i) Describes the boundaries of a tax increment district with sufficient definiteness to identify with ordinary and reasonable certainty the territory included. The governing body shall take care that the boundaries include only those whole units of property assessed for general property tax purposes.(ii) Creates the district as of a given date. A tax increment district may exist for a period not to exceed 20 years, unless an amendment is made to the project plan under paragraph (8).(iii) Assigns a name to the district for identification purposes.(iv) Contains findings that, among other things:(A) The district is a contiguous geographic area within a redevelopment area.(B) The improvement of the area is likely to enhance significantly the value of substantially all of the other real property in the district. It is not necessary to identify the specific parcels meeting this criterion.(C) The aggregate value of equalized taxable property of the district, plus all existing tax increment districts, does not exceed 10% of the total value of equalized taxable property within the municipality.(D) The area comprising the district as a whole has not been subject to adequate growth and development through investment by private enterprise or would not reasonably be anticipated to be adequately developed or further developed without the adoption of the plan.(E) A feasible method exists for the compensation of individuals, families and small businesses that will be displaced by the project and for their relocation to decent, safe and sanitary dwelling accommodations within their means, without undue hardship to such individuals, families and businesses.(F) The project plan conforms to the municipal or county master plan, if any.(G) The project plan will afford maximum opportunity, consistent with the sound needs of the community as a whole, for the rehabilitation or redevelopment of the tax increment district by private enterprise.(H) The district is a blighted area containing characteristics of blight as described in the Urban Redevelopment Law and the project to be undertaken is necessary to eliminate such conditions of blight.(7) The governing body of a municipality or school district that levies property taxes within the boundaries of a proposed tax increment district shall, by ordinance or resolution, agree to participate or opt not to participate in whole or in part in the tax increment district. Such ordinance or resolution shall be adopted and a copy thereof delivered to the governing body of the municipality which will create the district on or before the date on which the public hearing described in paragraph (5) is held.(8) The governing body of the municipality creating the tax increment district may at any time, subject to the provisions of section 6(c), adopt an amendment to a project plan which shall be subject to approval in the same manner as the original project plan.(b)Cities of the first class.--In cities of the first class, a tax increment district shall be permitted only in a certified redevelopment area created pursuant to the Urban Redevelopment Law. 1990, July 11, P.L. 465, No. 113, § 5, imd. effective. Amended 1992, Dec. 16, P.L. 1240, No. 164, § 2, imd. effective.