South Carolina Code 31-12-280. Prerequisites to issuance of obligations
(1) a copy of the redevelopment plan of the authority;
Terms Used In South Carolina Code 31-12-280
- Authority: means a redevelopment authority created pursuant to § 31-12-40. See South Carolina Code 31-12-30
- Municipality: means an incorporated municipality of this State. See South Carolina Code 31-12-30
- Obligations: means bonds, notes, or other evidence of indebtedness issued by the municipality to carry out a redevelopment project or to refund outstanding obligations. See South Carolina Code 31-12-30
- Redevelopment plan: means the comprehensive program of the authority for redevelopment intended by the payment of redevelopment costs to redevelop properties scheduled for disposal which may tend to return properties to the tax rolls, replace lost jobs, and integrate the properties back into the community, enhancing the tax bases of the taxing districts which extend into the project redevelopment area and the economic health of the community in which it lies. See South Carolina Code 31-12-30
- Redevelopment project: means buildings, improvements, including street improvements, water, sewer and storm drainage facilities, parking facilities, and recreational facilities. See South Carolina Code 31-12-30
- Redevelopment project area: means an area within the incorporated area of a municipality and designated pursuant to § 31-12-200, which is not less in the aggregate than one and one-half acres. See South Carolina Code 31-12-30
- Taxing districts: means counties, incorporated municipalities, schools, special purpose districts, and any other municipal corporations or districts with the power to levy taxes. See South Carolina Code 31-12-30
(2) a statement indicating the need for and proposed use of the proceeds of the obligations in relationship to the redevelopment plan;
(3) a list of all real property in the redevelopment project area; and
(4) a statement of the estimated impact of the redevelopment plan upon the revenues of all taxing districts in which a redevelopment project area is located.
(B) Before approving the issuance of obligations under this chapter, the governing body of the municipality must hold a public hearing on the redevelopment plan after published notice in a newspaper of general circulation in the county in which the tax increment finance district is located not less than fifteen days and not more than thirty days before the hearing. The notice must include:
(1) the time and place of the public hearing;
(2) a notification that all interested persons will be given an opportunity to be heard at the public hearing;
(3) a description of the redevelopment project area, the redevelopment plan, and the redevelopment project; and
(4) the maximum estimated term of obligations to be issued at that time.
(C) Not less than forty-five days before the date set for the public hearing, the municipality must give the same notice to all taxing districts of which taxable property is included in the redevelopment project area.
(D) Adoption of an ordinance approving the issuance of obligations under this chapter does not preclude amendments to the redevelopment plan of the authority and the proceeds of obligations issued may be applied to the implementation of the amended redevelopment plan.