Arkansas Code Title 14, Subtitle 10, Chapter 168, Subchapter 3 - Community Redevelopment -- Creation and Procedures

• § 14-168-301 - Definitions.
  As used in this subchapter: (1) "Applicable ad valorem rate" means the total ad valorem rate less the debt service ad valorem rate; (2)...
• § 14-168-302 - Construction.
  The General Assembly declares that this subchapter is necessary for the welfare of this state and its inhabitants, and it is the intent of...
• § 14-168-303 - Powers Supplemental.
  The powers conferred by this subchapter are in addition and supplemental to the powers conferred upon local governments and improvement districts by the General...
• § 14-168-304 - Powers Generally.
  In addition to any other powers conferred by law, a local government may exercise any powers necessary and convenient to carry out the purpose...
• § 14-168-305 - Creation of District.
  (a) The local governing body, upon its own initiative or upon request of affected property owners or upon request of the city or county...
• § 14-168-306 - Project Plan -- Approval.
  (a) (1) Upon the creation of the redevelopment district, the local governing body shall cause the preparation of a project plan for each redevelopment...
• § 14-168-307 - Project Plan -- Amendment.
  (a) The local governing body may adopt by ordinance an amendment to a project plan.(b) (1) Adoption of an amendment to a project plan...
• § 14-168-308 - Termination of Districts.
  (a) (1) A redevelopment district shall not be in existence for a period longer than twenty-five (25) years, unless under the original redevelopment plan...
• § 14-168-309 - Costs of Formation.
  (a) The local government may pay, but shall have no obligation to pay, the costs of preparing the project plan or forming the redevelopment...
• § 14-168-310 - Overlapping Districts.
  The boundaries of any redevelopment districts shall not overlap with any other redevelopment district.
• § 14-168-311 - Valuation of Real Property.
  (a) (1) Upon and after the effective date of the creation of a redevelopment project district, the county assessor of the county in which...
• § 14-168-312 - Division of Ad Valorem Real Property Tax Revenue.
  (a) For so long as the redevelopment district exists, the tax assessor shall divide the ad valorem tax revenue collected, with respect to taxable...
• § 14-168-313 - Payments in Lieu of Taxes and Other Revenues.
  (a) The local governing body may elect to deposit into the special fund of the redevelopment district all or any portion of payments in...
• § 14-168-314 - Bonds Generally.
  (a) (1) Bonds may be issued for project costs which may include interest prior to and during the carrying out of a project and...
• § 14-168-315 - Redevelopment Bonds or Notes -- Authority to Issue.
  For the purpose of paying project costs or of refunding bonds, notes, or other evidences of indebtedness issued under this subchapter for the purpose...
• § 14-168-316 - Redevelopment Bonds or Notes -- Authorizing Resolution.
  (a) Redevelopment bonds and notes shall be authorized by ordinance of the local governing body.(b) (1) The ordinance shall state the name of the...
• § 14-168-317 - Redevelopment Bonds or Notes -- Terms, Conditions, Etc.
  (a) (1) Redevelopment bonds or notes may not be issued in an amount exceeding the estimated aggregate project costs, including all costs of issuance...
• § 14-168-318 - Redevelopment Bonds or Notes -- Security -- Marketability.
  To increase the security and marketability of redevelopment bonds or notes, the local government may: (1) Create a lien for the benefit of the...
• § 14-168-319 - Redevelopment Bonds or Notes -- Special Fund for Repayment.
  (a) Redevelopment bonds and notes are payable out of the special fund created for each redevelopment district under this subchapter.(b) (1) The local governing...
• § 14-168-320 - Redevelopment Bonds or Notes -- Tax Exemption.
  Bonds and notes issued under this subchapter, together with the interest and income therefrom, shall be exempt from all state, county, and municipal income
• § 14-168-321 - Excess Funds.
  (a) Moneys received in the special fund of the district in excess of amounts needed to pay project costs may be used only by...
• § 14-168-322 - Impact Reports.
  (a) The local governing body annually shall report to the Assessment Coordination Department the current value and incremental value of a redevelopment district and...
• § 14-168-323 - Value of Assessed Property in a Redevelopment District.
  (a) If state funding to a school district is calculated with regard to the value of assessed property located in the school district, the...
• § 14-168-324 - Exemption -- Library Millage.
  Property taxes levied for libraries under Arkansas Constitution, Amendment 30, or Arkansas Constitution, Amendment 38, are exempt from this subchapter and shall not be...

Last modified: November 15, 2016