§ 144(c)(2)

a qualified redevelopment bond

UNDECIDED

0 of 3 settled

  1. 1

    § 144(c)(2)

    ALL OF

    A bond shall not be treated as a qualified redevelopment bond unless—

    “the issue described in paragraph (1) is issued pursuant to— a State law which authorizes the issuance of such bonds for redevelopment purposes in blighted areas, and a redevelopment plan which is adopted before such issuance by the governing body described in paragraph (4)(A) with respect to the designated blighted area,” § 144(c)(2)(A)
    “the payment of the principal and interest on such issue is primarily secured by taxes of general applicability imposed by a general purpose governmental unit, or any increase in real property tax revenues (attributable to increases in assessed value) by reason of the carrying out of such purposes in such area is reserved exclusively for debt service on such issue (and similar issues) to the extent such increase does not exceed such debt service,” § 144(c)(2)(B)

    Step 2 a qualified redevelopment bond security requirement met UNDECIDED

    “each interest in real property located in such area— which is acquired by a governmental unit with the proceeds of the issue, and which is transferred to a person other than a governmental unit, is transferred for fair market value,” § 144(c)(2)(C)
    “the financed area with respect to such issue meets the no additional charge requirements of paragraph (5), and” § 144(c)(2)(D) needs Step 3 Financed area meets this paragraph UNDECIDED
    “the use of the proceeds of the issue meets the requirements of paragraph (6).” § 144(c)(2)(E)
  2. 2

    § 144(c)(2)(B)

    a qualified redevelopment bond security requirement met

    ANY OF

    “the payment of the principal and interest on such issue is primarily secured by taxes of general applicability imposed by a general purpose governmental unit, or” § 144(c)(2)(B)(i)
    “any increase in real property tax revenues (attributable to increases in assessed value) by reason of the carrying out of such purposes in such area is reserved exclusively for debt service on such issue (and similar issues) to the extent such increase does not exceed such debt service,” § 144(c)(2)(B)(ii)
  3. 3

    § 144(c)(5)

    Financed area meets this paragraph

    ALL OF

    The financed area with respect to any issue meets the requirements of this paragraph if, while any bond which is part of such issue is outstanding—

    “if, while any bond which is part of such issue is outstanding—” Opening words
    “no owner or user of property located in the financed area is subject to a charge or fee which similarly situated owners or users of comparable property located outside such area are not subject, and” § 144(c)(5)(A)
    “the assessment method or rate of real property taxes with respect to property located in the financed area does not differ from the assessment method or rate of real property taxes with respect to comparable property located outside such area.” § 144(c)(5)(B)

    For purposes of the preceding sentence, the term “comparable property” means property which is of the same type as the property to which it is being compared and which is located within the jurisdiction of the designating governmental unit.