S.F. 2382 authorizes Washington County to establish one or more redevelopment tax increment financing districts in a designated area in the city of Newport, subject to the following special rules.

Paragraph (b) – parcels located in the project area are deemed eligible for inclusion in a redevelopment TIF without having to meet the so-called ‘blight test’ under general law.

Paragraph (c) – exempts the district from the requirement that at least 90 percent of the revenues derived from tax increments from a redevelopment district must be used to finance the cost of correcting conditions that allowed for designation of the district.

Paragraph (d) – provides that the five-year rule and restrictions on ‘pooling’ do not apply; however, expenditures must only be made within the project area.

Paragraph (e) – allows Washington County until December 31, 2026, to approve and establish TIF districts pursuant to this special law.

Effective upon approval by the city of Newport and Washington County, and compliance with filing requirements. 

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