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Bill 675

                    Current Status

Bill Number:                      675
Ratification Number:              237
Act Number:                       207
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010509
Primary Sponsor:                  Thomas
All Sponsors:                     Thomas
Drafted Document Number:          l:\council\bills\gjk\20563sd01.doc
Companion Bill Number:            4011
Date Bill Passed both Bodies:     20020405
Date of Last Amendment:           20020319
Governor's Action:                S
Date of Governor's Action:        20020422
Subject:                          Redevelopment projects, tax increment 
                                  financing law; municipality may issue general 
                                  obligation bonds within ten years after date 
                                  of project approval


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20020514  Act No. A207
------  20020422  Signed by Governor
------  20020416  Ratified R237
House   20020405  Read third time, enrolled for
                  ratification
House   20020404  Read second time, unanimous consent
                  for third reading on the next
                  Legislative day
House   20020403  Committee report: Favorable            30 HWM
House   20020326  Introduced, read first time,           30 HWM
                  referred to Committee
Senate  20020320  Read third time, sent to House
Senate  20020319  Amended, read second time
Senate  20020314  Committee report: Favorable with       12 SLCI
                  amendment
------  20010516  Companion Bill No. 4011
Senate  20010509  Introduced, read first time,           12 SLCI
                  referred to Committee


              Versions of This Bill
Revised on March 14, 2002 - Word format
Revised on March 19, 2002 - Word format
Revised on April 3, 2002 - Word format

(A207, R237, S675)

AN ACT TO AMEND SECTION 31-6-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITION OF "REDEVELOPMENT PROJECT" UNDER THE TAX INCREMENT FINANCING LAW, SO AS TO AUTHORIZE A REDEVELOPMENT TO BE LOCATED OUTSIDE OF THE REDEVELOPMENT AREA IF A MUNICIPALITY MAKES SPECIFIC FINDINGS OF BENEFIT TO THE REDEVELOPMENT PROJECT AREA AND THE PROJECT AREA IS LOCATED WITHIN THE MUNICIPAL LIMITS; TO AMEND SECTION 31-6-70, RELATING TO THE ADOPTION OF AN ORDINANCE BY A MUNICIPALITY PROVIDING FOR THE APPROVAL OF A REDEVELOPMENT PLAN, SO AS TO LENGTHEN FROM FIVE TO TEN YEARS THE PERIOD WITHIN WHICH A MUNICIPALITY MAY ISSUE OBLIGATIONS TO FINANCE A REDEVELOPMENT PROJECT AND TO AUTHORIZE OBLIGATIONS TO BE ISSUED SUBSEQUENT TO THE INITIAL TEN-YEAR PERIOD; AND TO AMEND SECTION 31-6-80, AS AMENDED, RELATING TO APPROVAL OF A REDEVELOPMENT PLAN AND ADOPTION OF AN ORDINANCE, SO AS TO REQUIRE A MUNICIPALITY TO MAKE A SPECIFIC FINDING OF BENEFIT TO THE REDEVELOPMENT PROJECT AREA AND PROVIDE WRITTEN NOTICE TO THE AFFECTED TAXING DISTRICT IF THE PROJECT OR A PORTION OF IT IS LOCATED OUTSIDE OF THE REDEVELOPMENT PROJECT AREA.

Be it enacted by the General Assembly of the State of South Carolina:

Project location outside redevelopment area

SECTION 1. Section 31-6-30(6) of the 1976 Code, as last amended by Act 109 of 1999, is further amended to read:

"(6) 'Redevelopment project' means any buildings, improvements, including street improvements, water, sewer and storm drainage facilities, parking facilities, and recreational facilities. Any project or undertaking authorized under Section 6-21-50 may also qualify as a redevelopment project under this chapter. All such projects are to be publicly owned. A redevelopment may be located outside of the redevelopment area provided the municipality makes specific findings of benefit to the redevelopment project area and the project area is located within the municipal limits."

Extension of financing obligations

SECTION 2. Section 31-6-70 of the 1976 Code is amended to read:

"Section 31-6-70. A municipality, within ten years after the date of adoption of an ordinance providing for approval of a redevelopment plan pursuant to Section 31-6-80, may issue the initial obligations under this chapter to finance the redevelopment project upon adoption of an ordinance providing that:

(1) after the issuance of the obligations; and

(2) after the total equalized assessed valuation of the taxable real property in a redevelopment project area exceeds the certified 'total initial equalized assessed value' established in accordance with Section 31-6-100(B) of all taxable real property in the project area, the ad valorem taxes, if any, arising from the levies upon taxable real property in the project area by taxing districts and tax rates determined in the manner provided in Section 31-6-100(B) each year after the obligations have been issued until obligations issued under this chapter have been retired and redevelopment project costs have been paid must be divided as follows:

(a) that portion of taxes levied upon each taxable lot, block, tract, or parcel of real property which is attributable to the total initial equalized assessed value of all taxable real property in the redevelopment project area must be allocated to and when collected must be paid by the county treasurer to the respective affected taxing districts in the manner required by law in the absence of the adoption of the redevelopment plan; and

(b) that portion, if any, of taxes which is attributable to the increase in the current total equalized assessed valuation of all taxable real property in the redevelopment project area over and above the total initial equalized assessed value of taxable real property in the redevelopment project area must be allocated to and when collected must be paid to the municipality which shall deposit the taxes into a special fund called the special tax allocation fund of the municipality for the purpose of paying redevelopment project costs and obligations incurred in the payment of the costs and obligations. The municipality may pledge in the ordinance the funds in and to be deposited in the special tax allocation fund for the payment of the costs and obligations.

Any ordinance adopted based on acts of the municipality occurring before the effective date of this chapter must incorporate by reference and adopt those prior acts undertaken in accordance with the procedures of this chapter as if they had been undertaken pursuant to this chapter.

Obligations may be issued subsequent to the initial ten-year period. When obligations issued under this chapter have been retired and redevelopment project costs incurred under this chapter have been paid or budgeted pursuant to the redevelopment plan, as evidenced by resolution of the governing body of the municipality, all surplus funds then remaining in the special tax allocation fund must be paid by the municipal treasurer to the county treasurer who immediately, after receiving the payment, shall pay the funds to the taxing districts in the redevelopment project area in the same manner and proportion as the most recent distribution by the treasurer to the affected districts of real property taxes from real property in the redevelopment project area.

Upon the payment of all redevelopment project costs, retirement of all obligations of a municipality issued under this chapter, and the distribution of any surplus monies pursuant to this section, the municipality shall adopt an ordinance dissolving the tax allocation fund for the project redevelopment area and terminating the designation of the redevelopment project area as a redevelopment project area for purposes of this chapter. Thereafter, the rates of the taxing districts must be extended and taxes levied, collected, and distributed in the manner applicable in the absence of the adoption of a redevelopment plan and the issuance of obligations under this chapter.

If ten years have passed from the time a redevelopment project area is designated and the municipality has not issued the initial obligations under this chapter to finance the redevelopment project, upon the expiration of the ten-year term, the municipality shall adopt an ordinance terminating the designation of the redevelopment project area."

Requirements for project location outside redevelopment area

SECTION 3. The last paragraph of Section 31-6-80 of the 1976 Code, as last amended by Act 109 of 1999, is further amended to read:

"After adoption of an ordinance approving a redevelopment plan, any alteration in the exterior boundaries, general land uses established pursuant to the redevelopment plan, maximum term of maturity of obligations to be issued under the plan, the redevelopment project must be approved by resolution of each affected taxing district in accordance with the procedures provided in this chapter for the initial approval of a redevelopment project and designation of a redevelopment project area. If the redevelopment project or portion of it is to be located outside of the redevelopment project area, the municipality shall by resolution make a specific finding of benefit to the redevelopment project area and provide written notice to the affected taxing district. No further action is required of the municipality."

Time effective

SECTION 4. This act takes effect upon approval by the Governor.

Ratified the 16th day of April, 2002.

Approved the 22nd day of April, 2002.

This web page was last updated on Tuesday, December 8, 2009 at 11:13 A.M.