Title 14, Local Government

(a) The local governing body, upon its own initiative or upon request of affected property owners or upon request of the city or county planning commission, may designate the boundaries of a proposed redevelopment district. (b) (1) The local governing body shall hold a public hea…

(a) (1) Upon the creation of the redevelopment district, the local governing body shall cause the preparation of a project plan for each redevelopment district, and the project plan shall be adopted by ordinance of the local governing body.(2) This process shall conform to the pr…

(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 shall be preceded by a public hearing held by the local governing body as provided in § 14-168-306(e)(1), at which interested parties shall be af…

(a) A redevelopment district shall not be in existence for a period longer than twenty-five (25) years, unless under the original redevelopment plan or by amendment of the original redevelopment plan bonds have been issued and the bonds would not be fully paid until after the dat…

(a) The local government may pay, but shall have no obligation to pay, the costs of preparing the project plan or forming the redevelopment district. (b) If the local government elects not to incur those costs, they shall be made project costs of the district and reimbursed from …

The boundaries of any redevelopment districts shall not overlap with any other redevelopment district.

(a) (1) Upon and after the effective date of the creation of a redevelopment project district, the county assessor of the county in which the district is located shall transmit to the county clerk, upon the request of the local governing body, the base value, total ad valorem rat…

(a) For so long as the redevelopment district exists, the tax assessor shall divide the ad valorem tax revenue collected, with respect to taxable property in the district, as follows:(1) The assessor shall determine for each tax year:(A) The amount of total ad valorem tax revenue…

(a) The local governing body may elect to deposit into the special fund of the redevelopment district all or any portion of payments in lieu of taxes on property within the redevelopment district, including that portion of the payments in lieu of taxes that would have been distri…

(a) (1) Bonds may be issued for project costs which may include interest prior to and during the carrying out of a project and for a reasonable time thereafter, with such reserves as may be required by any agreement securing the bonds and all other expenses incidental to planning…

For the purpose of paying project costs or of refunding bonds, notes, or other evidences of indebtedness issued under this subchapter for the purpose of paying project costs, the local governing body may issue bonds, notes, or other evidences of indebtedness, in one (1) or more s…

(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 redevelopment project district, the amount of bonds or notes authorized, and the interest rate to be borne by the bonds or notes.(2) T…

(a) (1) Redevelopment bonds or notes may not be issued in an amount exceeding the estimated aggregate project costs, including all costs of issuance of the bonds or notes.(2) The redevelopment bonds and notes shall not be included in the computation of the constitutional debt lim…

(1) To increase the security and marketability of redevelopment bonds or notes, the local government may:(1) Create a lien for the benefit of the bondholders upon any public improvements or public works financed by the bonds; or(2) Make such covenants and do any and all such acti…

(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 body shall irrevocably pledge all or part of the special fund to the payment of the bonds or notes.(2) The special fund…

Bonds and notes issued under this subchapter, together with the interest and income therefrom, shall be exempt from all state, county, and municipal income taxes.

(a) Moneys received in the special fund of the district in excess of amounts needed to pay project costs may be used only by the local governing body for the redemption of outstanding bonds, notes, or other evidences of indebtedness issued by the redevelopment district or for dis…

(a) The local governing body annually shall report to the Assessment Coordination Division the current value and incremental value of a redevelopment district and the properties adjacent to the redevelopment district. (b) The division, in cooperation with other state agencies and…

(a) If state funding to a school district is calculated with regard to the value of assessed property located in the school district, the incremental value of real property within a redevelopment district shall not be included in the assessed value of the real property within the…

Property taxes levied for libraries under Arkansas Constitution, Amendment 30, or Arkansas Constitution, Amendment 38, are exempt from this subchapter and shall not be diverted from the use for which they were levied.

(1) As used in this subchapter, unless the context otherwise requires:(1) “Agreement” means a contract and shall include renewals and alterations of the contract;(2) “County judge” means the county judge of any county in this state;(3) “Fund” means, unless otherwise expressed, th…

(a) The county judge of any county in this state is authorized and empowered to make requests of the United States, for and on behalf of the county and the political subdivisions whose jurisdictional limits are within or coextensive with the limits of the county, for the payment …

The amount of any payment of sums in lieu of taxes may be based on the estimated cost to each political subdivision, for and on whose behalf the agreement is entered into, of performing services for the benefit of a project during the period of the agreement after taking into con…

Each agreement entered into pursuant to § 14-168-402 shall contain the names of the political subdivisions with respect to which it is consummated and a statement of the proportionate share of the payment by the United States to which each political subdivision shall be entitled.

(a) The county judge shall prepare duplicate copies of each agreement for payment of sums in lieu of taxes and file one (1) with the county treasurer and one (1) with the clerk of the county court. (b) The clerk of the county court shall notify each political subdivision, for and…

(a) The county treasurer shall establish a fund in the county treasury to be known as the “government project fund”. The fund shall contain an account with each political subdivision which is entitled to a share of a payment in lieu of taxes. (b) Whenever payment is received, the…

(a) After apportioning any payments to the several accounts, as provided in § 14-168-406, the county treasurer shall prepare, in duplicate, a complete itemized statement of the apportionment, one (1) copy of which shall be filed with the county judge and the other filed with the …

(a) If the United States declines to deal with a county judge with respect to any political subdivision whose jurisdictional limits are within or coextensive with the limits of the county, or in the event the jurisdictional limits of a political subdivision lie in more than one (…

(a) All moneys received by a political subdivision pursuant to § 14-168-407 or § 14-168-408 shall be deposited into such funds or items of a fund as may be designated in the agreement. (b) If the agreement does not make such designation, the moneys shall be deposited into such fu…

In the absence of an agreement for payment of sums in lieu of taxes by the United States as provided in this subchapter, no provision of this subchapter shall be construed to relieve any political subdivision of this state of the duty of furnishing for the benefit of a project al…