What are the requirements for establishing a project development financing plan?

A project development financing plan must include the following:

• A description of the boundaries of the project development district;
• A description of the proposed development, both public and private components;
• The costs of the proposed public activities;
• The sources and amounts of funds to pay for the proposed public activities;
• The base valuation of the project development district;
• The projected increase in the assessed valuation of property in the district;
• The estimated duration of the project development district;
• A description of how the proposed public and private development of the district will benefit district residents and business owners in terms of jobs, affordable housing, or services;
• A description of appropriate ameliorative activities if the proposed projects negatively impact district residents of business owners in terms of jobs, affordable housing, services, or displacement; and
• A statement that the initial users of any new manufacturing facilities included in the plan will be required to pay an average wage that is above the average manufacturing wage paid in the county or is not less than 10 percent above the average weekly manufacturing wage statewide, unless an exemption to such requirements is approved by the Secretary of Commerce.