Tax Increment Financing Act, 2006

Bills that amended this Act0

No published amendment links yet for this Act.

Sections8

• 1.

  1. In this Act, “designated project” means a project designated under this Act; (“projet désigné”) “education tax increment” means, in respect of a tax increment finance district, the tax increment in respect of taxes for school purposes or payments in lieu of taxes for school purposes; (“surcroît d’impôts scolaires”) “eligible project” means, (a) the construction of municipal infrastructure or amenities to assist in, (i) the redevelopment or intensification of previously developed areas, or (ii) the development of an urban growth centre identified in a growth plan under the Places to Grow Act, 2005, (b) the environmental remediation of land in a previously developed area, or (c) the construction of a municipal public transit facility; (“projet admissible”) “Minister” means the Minister of Finance or such other member of the Executive Council to whom the administration of this Act is ass…

• 2.

  2. (1) A municipality may apply to receive funding for a proposed project from the Crown in right of Ontario that is based on the education tax increments expected to occur as a result of the project by preparing and submitting to the Minister a study examining the feasibility of the project. 2006, c. 33, Sched. Z.7, s. 2 (1). Contents of feasibility study (2) The feasibility study must satisfy the following requirements: 1. The study contains a description of the proposed project. 2. The study identifies the proposed tax increment finance district in which tax increments are expected to occur as a result of the proposed project and contains information relating to the amount of the expected tax increments. 3. The study contains an analysis of the nature and timing of any new development that can reasonably be expected to occur in the proposed tax increment finance district in the absenc…

• 3.

  3. (1) After consideration of a feasibility study prepared in accordance with section 2, the Lieutenant Governor in Council may, if the Lieutenant Governor in Council considers it to be in the public interest, (a) designate the proposed project for the purposes of being partly funded by the Crown in right of Ontario through tax increment financing if the proposed project is an eligible project; (b) establish the tax increment finance district for the designated project; (c) authorize the Minister to enter into a funding agreement with respect to the designated project; and (d) specify the last year that education tax increments may be used to finance the designated project. 2006, c. 33, Sched. Z.7, s. 3 (1). Same (2) Despite clause (1) (a), the Lieutenant Governor in Council may designate a proposed project that is not an eligible project if the Lieutenant Governor in Council believes th…

• 4.

  4. (1) The parties to a funding agreement authorized under clause 3 (1) (c) for a designated project shall be, (a) the Minister; (b) every municipality that is providing funding for the project through tax increment financing; and (c) the financing authority appointed for the designated project, if it is not a municipality referred to in clause (b). 2006, c. 33, Sched. Z.7, s. 4 (1). Required matters (2) A funding agreement under subsection (1) shall provide for the following: 1. Payments by the Minister in accordance with the regulations to the financing authority to partly fund the carrying out of the designated project. 2. Payments by the municipality or municipalities to partly fund the carrying out of the designated project. 3. The rights and obligations of the financing authority and the municipality or municipalities with respect to, i. the use of the funds received from the Minis…

• 5.

  5. (1) When a proposed project is designated under this Act, the municipality that submitted the feasibility study for the project shall promptly provide to the Municipal Property Assessment Corporation information concerning the tax increment finance district established for the project, the name and address of the financing authority for the project if it is not the municipality and such other information as the Municipal Property Assessment Corporation may reasonably require to carry out its functions under this section. 2006, c. 33, Sched. Z.7, s. 5 (1). Portion of the roll (2) The Municipal Property Assessment Corporation shall, in each year, on or before the time for returning assessment rolls to municipalities for the year under the Assessment Act, send a copy of the portion of the assessment roll for the real property in each tax increment finance district to the financing author…

• 6.

  6. (1) The Minister may make regulations, (a) governing payments by the Minister under a funding agreement; (b) prescribing the manner in which tax increments are calculated; (c) prescribing types of information and documents to be included in a feasibility study; (d) prescribing conditions for the purposes of subparagraph 4 iv of subsection 2 (2); (e) prescribing additional restrictions or limits on payments by the Minister under a funding agreement or restrictions or limits on the time or manner of those payments; (f) prescribing terms and conditions for the purposes of subsection 4 (3). 2006, c. 33, Sched. Z.7, s. 6 (1). General or specific (2) A regulation made under this Act may be general or specific. 2006, c. 33, Sched. Z.7, s. 6 (2).

• .

  7. Omitted (provides for coming into force of provisions of this Act). 2006, c. 33, Sched. Z.7, s. 7.

• . #7

  8. Omitted (enacts short title of this Act). 2006, c. 33, Sched. Z.7, s. 8. ______________