This bill allows the city of Canby to create a tax increment financing district.  The district’s original tax capacity is set at zero and the district’s duration is limited to the lessor of:  (1) 20 years after receipt of the first increment; or (2) one year after the city has received $175,000.  The city may use the increment to pay for payment of principal and interest on bonds issued for tax increment financing district No. 1-21.

This bill is effective the day following final enactment without local approval.

ESS:dv