Municipal redevelopment projects; allocation of real property taxes therefor

§ 6. Notwithstanding any provision of this or any other article of\nthis constitution to the contrary, the legislature may by law authorize\na county, city, town or village, or combination thereof acting together,\nto undertake the development of public improvements or services,\nincluding the acquisition of land, for the purpose of redevelopment of\neconomically unproductive, blighted or deteriorated areas and, in\nfurtherance thereof, to contract indebtedness. Any such indebtedness\nshall be contracted by any such county, city, town or village, or\ncombination thereof acting together, without the pledge of its faith and\ncredit, or the faith and credit of the state, for the payment of the\nprincipal thereof and the interest thereon, and such indebtedness may be\npaid without restriction as to the amount or relative amount of annual\ninstallments. The amount of any indebtedness contracted under this\nsection may be excluded in ascertaining the power of such county, city,\ntown or village to contract indebtedness within the provisions of this\nconstitution relating thereto. Any county, city, town or village\ncontracting indebtedness pursuant to this section for redevelopment of\nan economically unproductive, blighted or deteriorated area shall pledge\nto the payment thereof that portion of the taxes raised by it on real\nestate in such area which, in any year, is attributed to the increase in\nvalue of taxable real estate resulting from such redevelopment. The\nlegislature may further authorize any county, city, town or village, or\ncombination thereof acting together, to carry out the powers and duties\nconferred by this section by means of a public corporation created\ntherefor.\n