Terms used in this chapter mean:

1. (1) "Department," the Department of Revenue;
2. (2) "District," a tax increment financing district;
3. (3) "Governing body," the board of trustees, the board of commissioners, the board of county commissioners, or the common council of a municipality;
4. (4) "Grant," the transfer of money or property to a transferee for a governmental purpose that is not a related party to or an agent of the political subdivision;
5. (5) "Planning commission," a planning commission created under chapters11-2or11-6, a planning committee of a governing body of a political subdivision that does not have a planning commission, or the governing body of a political subdivision that does not have a planning commission or planning committee;
6. (6) "Political subdivision," a municipality, as defined in §11-6-1, or county of this state;
7. (7) "Project plan," the properly approved plan for the development or redevelopment of a tax increment financing district including all properly approved amendments to the plan;
8. (8) "Tax increment financing district," a contiguous geographic area within a political subdivision defined and created by resolution of the governing body;
9. (9) "Taxable property," all real and personal taxable property located in a tax increment financing district;
10. (10) "Tax increment valuation," the total value of the tax increment financing district minus the tax increment base as determined pursuant to §11-9-19.

Source: SL 1978, ch 91 , § 1; SL 1991, ch 114 , § 1; SL 1992, ch 60 , § 2; SL 1996, ch 69 , § 16; SL 2003, ch 272 (Ex. Ord. 03-1), § 82; SL 2011, ch 1 (Ex. Ord. 11-1), § 161, eff. Apr. 12, 2011; SL 2011, ch 73 , § 1; SL 2018, ch 70 , § 7; SL 2024, ch 45 , § 1.