A bill that would restrict a specific kind of funding local governments can use for streets parking and other infrastructure projects is drawing criticism from opponents who say it could irreparably change a process cities heavily rely on. James Bradley from the University of Montana Legislative News Service reports that Senate Bill 388 would reduce how much money local governments can get from Tax Increment Financing that comes from increases in property taxes in districts where property values rise because of redevelopment or inflation.
It would change the calculation effectively leaving local governments with less. It also puts a 25-year cap on using TIF funds. It has passed the Senate. Julie Foster is the executive director of the Ravalli County economic development authority which oversees TIF funded districts. She spoke in opposition to the bill in a House committee Tuesday.
