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HB2988 - 572R - I Ver
REFERENCE TITLE:
municipal tax increment financing; infrastructure
State of Arizona
House of Representatives
Fifty-seventh Legislature
Second Regular Session
2026
HB 2988
Introduced by
Representatives
Mathis: Villegas
AN
ACT
Amending title 9, chapter 4, Arizona
Revised Statutes, by adding article 4.1; amending sections 42-17052 and
42-17251, Arizona Revised Statutes; relating to municipal improvement
financing.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 9, chapter 4, Arizona Revised
Statutes, is amended by adding article 4.1, to read:
ARTICLE 4.1. TAX INCREMENT
FINANCING IMPROVEMENT AREAS
START_STATUTE
9-442.
Definitions
In this article, unless the context otherwise
requires:
1. "Assessed value" means
the net assessed value used for purposes of levying primary property taxes on
real and personal property.
2. "Board" means the joint
review board convened pursuant to section 9-442.05.
3. "Current assessed value"
means the primary assessed value of the area certified by the county assessor
pursuant to section 9-442.08 for the current tax year.
4. "Development plan" or
"plan" means a statement of means and objectives pursuant to section
9-442.03 designed to encourage the development and maintenance of municipal
improvement projects within a municipal improvement area.
5. "Financial plan" means a
statement pursuant to section 9-442.03, subsection C of the project costs and
sources of revenue required to accomplish the development plan.
6. "Increased assessed
value" means the amount by which the current assessed value of a municipal
improvement area exceeds the original assessed value of the area.
7. "Municipal improvement
area" or "area" means specified contiguous territory within the
corporate boundaries of a municipality that has been designated for development
of municipal improvement projects pursuant to this article.
8. "Municipality" means a
city, charter city or town.
9. "Original
assessed value" means the primary assessed value of the taxable property
in a municipal improvement area for the tax year preceding the year in which
the area was designated.
10. "Primary property
taxes" means any ad valorem property taxes levied by this state, the
county, the municipality and any community college district and school district
on the taxable real and personal property in a municipal improvement area,
except secondary property taxes as defined in section 42-11001.
11. "Project costs" means
any expenditures or monetary obligations that are incurred or expected to be
incurred, that are authorized by section 9-442.07, subsection A and that
are included in a development plan.
12. "Public
infrastructure" means the following
improvements that will result in a beneficial use of
land, whether newly constructed, renovated or existing, and all necessary or
desirable appurtenances and incidental work:
(
a
) Public transit
systems, facilities and vehicles.
(
b
) Sanitary sewage
systems.
(
c
) Drainage and flood
control systems.
(
d
) Water systems other
than facilities for agricultural irrigation purposes.
(
e
) Highways, streets,
roadways and ground-level parking facilities within the authority.
(
f
) Facilities for
pedestrian, bicycle and motor vehicle ingress and egress.
(
g
) Areas for public
entertainment, assembly and recreation.
(
h
) Landscaping.
(
i
) Operation, maintenance
and public safety facilities.
(
j
) Lighting and traffic
control systems.
END_STATUTE
START_STATUTE
9-442.01.
Public purpose; authorization of municipal improvement areas
A. Assisting the implementation,
execution, development and financing of municipal improvements is a valid
public purpose of municipalities in this state.
B. A municipality may develop a
program to stimulate the development of municipal improvements within
designated areas of the municipality pursuant to this article, consistent with
the municipality's general plan.
END_STATUTE
START_STATUTE
9-442.02.
Designation of municipal improvement area; duration; qualifying
conditions
A. The governing body of a
municipality may designate one or more municipal improvement areas within the
corporate boundaries of the municipality consistent with the requirements of
this article, any applicable city charter and the municipality's general plan.�
A municipal improvement area is not a special taxing district for purposes of
any constitutional or statutory provision and is not a separate political
entity from the municipality.
B. A municipal improvement area may
be established for up to thirty years, and tax increment monies may be diverted
to the municipality pursuant to section 9-442.08 only for the duration of the
municipal improvement area.
C. A designation of a municipal
improvement area is subject to the following conditions:
1. At least _________ percent of the
acreage of the real property in the proposed municipal improvement area must
either:
(
a
) Be suitable
for residential use.
(
b
) Be a
blighted area or a slum area identified and designated by resolution pursuant
to title 36, chapter 12, article 3.
(
c
) Be in need
of rehabilitation or redevelopment.
2. The
total acreage of all municipal improvement areas in a municipality may not
exceed:
(
a
) _____ percent of the total acreage of a municipality
having a population of more than one hundred thousand persons.
(
b
) _____
percent of the total acreage of a municipality having a population of one
hundred thousand persons or less.
3. The governing bodies of the county
and any community college district and school district in which any part of the
municipal improvement area will be established must each approve, by
resolution, the establishment of the municipal improvement area pursuant to
this article.
D. If all or part of the municipal
improvement area includes territory in which the total primary property taxes
levied for all taxing jurisdictions on one-half or more of the parcels of
residential property exceeds the maximum amount of ad valorem taxes prescribed
by article IX, section 18, Constitution of Arizona, the municipality shall
reimburse the state general fund for any increase in amounts paid as additional
state aid to school districts in the municipal improvement area.
END_STATUTE
START_STATUTE
9-442.03.
Development plan; financial plan
A. The governing body of a
municipality must adopt a development plan for each municipal improvement area
in the municipality.� The plan must demonstrate that the development meets an
identified community need for specifically identified municipal improvements.�
The plan must be adopted as part of the area designation proceedings.� Before
adopting a plan, the governing body shall consider the factors and evidence
specified in section 9-442.02.
B. The development plan must include:
1. The location of the municipal
improvement area, including maps, showing existing land uses and conditions and
proposed improvements and uses in the area.� The plan shall include a statement
that the proposed boundaries are subject to approval by the joint review board.
2. A proposed termination date for
the area and the development plan that is not more than thirty years after the
date of approval.
3. The financial plan prescribed by
subsection C of this section.
4. A description of the kind, number
and location of all proposed public works, facilities, improvements or programs
to be financed in whole or in part under the plan.
5. Any proposed changes in the
general plan, zoning and other municipal ordinances and building codes required
by the development plan.
6. Any plans and methods for
relocating persons displaced by the project.
7. The environmental controls to be
applied.
8. The proposed operation of the area
after the planned improvements are completed.
9. All documentation prepared to
demonstrate compliance with the requirements of section 9-442.02, subsection C.
10. An opinion of the city or town
attorney that the proposed plan complies with this article.
C. The financial plan for a municipal
improvement area must include:
1. An economic feasibility study.
2. Project and nonproject cost
estimates for the plan.
3. The method of financing the costs
and other monetary obligations.
4. Sources of all anticipated
revenues proposed to be dedicated for purposes of the plan.
5. A description of the terms and
conditions of any agreements, contracts or other obligations related to the
plan.
6. For each year of the plan:
(
a
) The
projected costs to be incurred during the year.
(
b
) Estimates
of increased assessed values of the area.
(
c
) The portion
of the increased assessed values to be applied to the plan as tax increments in
each year of the plan.
(
d
) A
calculation of the effect on the municipality's state shared revenue, and the
public revenues, costs and receipts of this state, the county, the community
college district, school districts and other affected taxing entities due to
the designation of the municipal improvement area and the diversion of tax
increment monies to the municipality.
D. A municipality may spend tax
increment monies received for a development plan only according to the terms of
the financial plan.� Tax increment monies from a municipal improvement area may
not be commingled or diverted for use with respect to a development plan of
another area.
END_STATUTE
START_STATUTE
9-442.04.
Procedure; hearing; review; election; delegated administration;
amendments
A. Before designating a municipal
improvement area or adopting a development plan:
1. The municipal governing body must
hold at least ONE public hearing before considering the plan for
adoption. A notice of the hearing, summarizing the plan and advising
that a copy of the plan will be provided on request, must be:
(
a
) Published
at least twice in a newspaper of general circulation in the municipality, with
the last publication being at least ten days before the hearing.
(
b
) Mailed by
certified mail, return receipt requested, to:
(
i
) The joint
legislative budget committee.
(
ii
) The
governor's office of strategic planning and budgeting.
(
iii
) The
county board of supervisors.
(
iv
) The county
assessor.
(
v
) The county
treasurer.
(
vi
) The
governing board of any community college district and school district in which
the proposed area is located.
(
c
) Posted on
the municipality's official website for at least thirty days before the
hearing.
(
d
) Posted in
at least three public locations in the proposed area at least thirty days
before the hearing.
2. The governing body must give any
interested party a reasonable opportunity at the hearing to present oral or
written comments supporting or opposing the proposed area or plan.
3. The governing body must consider
and issue written findings on whether the proposed area or plan will:
(
a
) Contribute
to the development of specific municipal improvements in the municipality and
to the improvement of the health, welfare or safety of the inhabitants of the
municipality.
(
b
) Enhance the
value of property and improvements in the area, without identifying specific
parcels meeting this criterion.
(
c
) Promote the
orderly development of the municipality.
(
d
) Meet the
qualifying criteria prescribed by section 9-442.02, subsection C.
B. After the hearing, the municipal
governing body may adopt the plan by resolution, subject to final approval by
the joint review board and the qualified electors of the municipality, on
finding that the plan is feasible and that it complies with this article, any
city charter and the general plan, or that the city charter or general plan can
be revised to accommodate the development plan.� The resolution of adoption
shall:
1. Describe the boundaries of the
municipal improvement area.
2. Set an effective date for
establishing the area, which shall be at least three months after the area and
plan are approved by the voters pursuant to subsection E of this section, and a
termination date as prescribed by this article.
3. Assign a name to the area for
identification purposes. The name may include a numerical
designation.
C. The board must review the proposed
area and plan to ensure that the proposal complies with statutory
requirements.� Within sixty days after the municipality adopts the resolution
under subsection B of this section and submits the resolution to the board, the
board shall submit findings and approval or disapproval to the governing body.
D. If the board fails to approve the
municipal improvement area and plan as adopted by the municipality, the
municipal governing body may modify and resubmit a revised plan to the board
under the procedures prescribed by this article.
E. After approval by the board, the
municipal improvement area and development plan must be approved by the
qualified electors of the municipality at a regularly scheduled municipal
election.
F. The municipal governing body may
establish or designate a municipal agency, or enter into a contractual
arrangement with a private entity, to perform administrative functions
authorized under other sections of this article.
G. The municipal governing body at
any time may propose an amendment to or modifications of a designated municipal
improvement area or an adopted development plan.� An amendment or modification
is subject to the same procedures prescribed by this section for the initial
designation of the area or adoption of the plan.� The governing body may not
change the boundaries of an area if the change would result in the area's being
out of compliance with any of the requirements prescribed by section 9-442.02,
subsection C.
END_STATUTE
START_STATUTE
9-442.05.
Joint review board; duties; rules
A. A municipality that proposes to
establish a municipal improvement area shall convene a joint review board for
the area consisting of one elected official representing and appointed by the
governing body of the municipality, the county and each community college
district and school district located within the boundaries of the area.� The
elected officials on the board shall appoint one additional member, who resides
in the proposed municipal improvement area, to represent the general public.
B. All board members must be
appointed and the first board meeting must be held within ten days before or
after the municipality holds its hearing on the municipal improvement area and
plan. At its first meeting, the board shall select a chairperson
from among its members. The municipality shall provide
administrative support for the board.
C. The establishment of a municipal
improvement area and any amendment to or modification of the area or
development plan requires approval by two-thirds of the members of the
board. All other board actions require approval by a majority of its members.
D. The board shall review the public
record, the planning documents and the resolution of the municipal governing
body regarding the establishment of the municipal improvement area and the
development plan, or amendment to or modification of the area or
plan. The board may hold additional hearings on the proposal.� A
municipal improvement area or plan or an amendment to or modification of an
area or plan is not effective unless approved by the board.� The board shall
base its decisions on the following criteria:
1. Whether the anticipated
development in the area would occur in a timely and expeditious manner without
the use of tax increment financing authorized by this article.
2. Whether the anticipated economic
benefits in the area, as measured by increased employment, business and
personal income and property value, will compensate for the cost of the
development in the area.
3. Whether the benefits of the
proposal outweigh the anticipated loss of tax revenues diverted from the
affected taxing jurisdictions.
E. If
the board approves the municipal improvement area and plan, the board shall:
1. Approve
the proposed eligible activities.
2. Approve the boundaries of the
municipal improvement area.
3. Approve the proposed duration of
the municipal improvement area and plan.
4. Determine and certify the amount
of tax increment monies to be diverted for purposes of financing the plan as
provided by section 9-442.08.
5. Perform other responsibilities
relating to the area and plan as provided by this article.
F. The board may adopt rules and
procedures necessary to carry out the duties imposed by this article and to
ensure municipal compliance with this article after the designation of a
municipal improvement area.
G. The board shall develop by rule
provisions for recovering and redistributing tax increment revenues if
conditions for approval of the area are not maintained for the duration of the
area.
END_STATUTE
START_STATUTE
9-442.06.
Authority to acquire and manage property; eminent domain;
construction deadline
A. In a municipal improvement area,
and consistent with the development plan, a municipality may:
1. Acquire, construct, reconstruct,
improve, preserve, alter, extend, operate and maintain property or promote
development intended to meet the objectives of the plan. Consistent
with and pursuant to accomplishing the objectives of the plan, the municipality
may acquire property or easements by negotiation or the power of eminent domain
as provided by law.
2. Adopt ordinances regulating
traffic in and access to any facilities constructed in the area.
3. Install public improvements,
buildings, structures, fixtures, equipment and public infrastructure.
B. The acquisition, construction and
installation of all property, improvements, buildings, structures, fixtures,
equipment and public infrastructure included in the plan must be completed
within five years after the date of the board's approval of the designation of
the area under section 9-442.05.
C. Not more than ten percent of the
square footage of any public infrastructure improvement may be devoted to
retail sales of tangible personal property.� For the purposes of this
subsection, retail sales does not include sales of food and beverage for
consumption on the premises.
END_STATUTE
START_STATUTE
9-442.07.
Authorized project costs
A. The joint review board shall
review and approve or disapprove proposed project costs to ensure compliance
with this section.� Tax increment monies may be spent for project costs only if
approved by the board.
b. Notwithstanding any other law or
the city charter, the municipality may use tax increment monies derived from a
municipal improvement area only for the following authorized project costs:
1. Costs of public improvements made
in the municipal improvement area, including:
(
a
) Capital
costs, including:
(
i
) The
acquisition of land for municipal improvements, including acquiring property
for resale or lease to a private entity for financial consideration.
(
ii
) Construction
or installation of public infrastructure improvements for affordable housing or
public education improvements.
(
iii
) Public
transit vehicles, guideways, stations and other improvements related to public
transit.
(
iv
) Site
clearing, preparation and finishing work, including the demolition, removal,
alteration, remodeling, repair or reconstruction of existing buildings,
structures and fixtures.
(
v
) Flood
control measures and riverbank and drainage improvements that are necessary to
enable the development of affordable housing or public education improvements.
(
vi
) Fees and
expenses that are includible in the capital cost of the improvements, including
licensing, permitting, planning, engineering, architectural, testing, legal and
accounting expenses that are incurred after the plan is approved.
(
b
) Professional
service costs that are directly related to the plan but not includible in the
capital cost of improvements, including planning, engineering, architectural,
testing, legal and accounting expenses.
(
c
) Costs of
audits required by section 9-442.12.
(
d
) Financing
costs incurred to pay for project costs.
(
e
) Real
property assembly costs.
(
f
) Administrative
costs, including reasonable charges for time spent by municipal employees in
connection with developing and implementing the plan.
(
g
) Relocation
costs, including relocation payments following condemnation.
(
h
) Organizational
costs relating to establishing the area, including the costs of conducting
environmental impact and other studies and the costs of hearings and public
information activities.
2. Costs of improvements that are
outside the municipal improvement area but that are directly related or
necessary to the establishment or operation of the area, including:
(
a
) The portion
of the costs reasonably related to the construction, alteration or expansion of
any facilities and public infrastructure not located in the area but required
due to improvements or activities in the area, including expanding the capacity
of streets, street lighting and electric, water, sewer, drainage and
environmental protection facilities.
(
b
) Public
safety improvements made necessary by the establishment of the area, including
police and fire protection.
(
c
) Mitigation
of any adverse impacts of the area on the municipality and its citizens,
including schools.
END_STATUTE
START_STATUTE
9-442.08.
Tax increment financing; other revenue sources
A. On the establishment of a
municipal improvement area and approval of the development plan, the
municipality shall apply in writing to the county assessor to determine the
current full cash value of all taxable real and personal property in the area
as shown on the current primary property tax roll.� This initial aggregate
valuation constitutes the tax increment base for the area.
B. For each tax year in which tax
increment monies will be diverted to the municipality, the municipality shall
apply in writing to the county assessor to determine the current full cash
value of all taxable real and personal property in the area as shown on the
current primary property tax roll and shall report the amount of the current
valuation and the tax increment base to the joint review board.
C. The board shall determine the tax
increment as follows:
1. Subtract the tax increment base
from the current full cash value.
2. If the current full cash value
exceeds the tax increment base, divide the difference determined under
paragraph 1 of this subsection by the current full cash value.� If the tax
increment base exceeds the current full cash value, there is a negative tax
increment, and no tax increment monies may be diverted to the municipality in
that tax year.
3. Multiply the quotient determined
under paragraph 2 of this subsection by the primary property tax levied by the
county, the municipality, the community college district, if any, and each
school district on real and personal property in the municipal improvement area
for the tax year. The resulting product with respect to each taxing
jurisdiction is the tax increment for the tax year for diversion from that
jurisdiction to the municipality for purposes of this article.
D. On or before July 1 of the tax
year, the board shall certify the tax increment amounts to the municipality, to
each affected taxing jurisdiction and to the county treasurer. On
receiving timely certification from the board, and notwithstanding any law to
the contrary, the county treasurer shall withhold those amounts from the
distribution of property taxes to the respective jurisdictions and pay them to
the municipality as tax increment monies in the same manner and at the same time
as paying collected municipal taxes pursuant to section 42-17255. The
municipality shall immediately deposit tax increment monies into the municipal
tax increment fund as provided by section 9-442.09.
E. All tax increment monies received
by the municipality pursuant to this section are pledged exclusively to pay for
authorized project costs of the plan described in section 9-442.07.
F. The board may approve the
diversion of tax increment monies to the municipality pursuant to this section
for not more than thirty tax years after the area is established.
G. This section does not prevent a
municipality from raising revenue to pay project costs in any other manner
authorized by law.� A municipality may apply for and receive grants and gifts
for any of the purposes of this article. Tax increment revenues
under this article may be used as local matching monies for grant programs.
H. Tax increment monies shall not be
diverted from any state levy of property taxes exclusively for education
purposes.� For the purposes of computing state aid to school districts under
title 15, chapter 9, the state and school districts shall use the tax increment
base valuation for properties located in a municipal improvement area.
I. Tax
increment monies shall not be used:
1. For debt service on any bonds or
other long-term obligations.
2. To circumvent any other tax laws.
J. This section does not authorize
unequal apportionment or assessment of taxes on property.
END_STATUTE
START_STATUTE
9-442.09.
Municipal tax increment fund
A. If a municipal improvement area is
established under this article and the municipality receives tax increment
monies under section 9-442.08, the municipality shall:
1. Establish a municipal tax
increment fund, which includes a project cost account that is pledged to and
charged with paying project costs that are outlined in the financial plan.
2. Annually set aside and deposit all
municipal tax increment monies in the project cost account in an amount
sufficient, together with estimated future revenues to be deposited to the
account and earnings on the amount, to satisfy all annual municipal project
costs to be paid from the account.
B. If more than one municipal
improvement area is established in a municipality at the same time, the
municipality shall establish and maintain separate municipal tax increment
funds for each area. Monies in a municipal tax increment fund shall
be maintained separately from all other monies and funds of the municipality
and shall not be transferred to any other fund or otherwise commingled with any
other monies.
END_STATUTE
START_STATUTE
9-442.10.
Bonds; election
A. On determining the amount of money
necessary to be raised for any public infrastructure purpose, the governing
body of the municipality shall call an election to be held on a date prescribed
by section 16-204 at which the governing body shall submit the question
of whether or not bonds should be issued in the amount so determined.
B. The election, issuance, sale and
redemption of the bonds shall be as prescribed by title 35, chapter 3, article
3.
C. The bonds shall be:
1. Secured by a first lien on tax
increment monies paid into the municipal tax increment fund.
2. Payable solely from that source.
D. The bonds are not general, special
or other obligations of the municipality.
END_STATUTE
START_STATUTE
9-442.11.
Annual reports
The governing body of a municipality that
designates a municipal improvement area under this article shall report
annually to the joint review board during the area's existence regarding the
area's status.� The report must:
1. Certify that the public purpose of
the area is being met as outlined in this article.
2. Account for any sales of property
in the area that was improved using tax increment financing.
END_STATUTE
START_STATUTE
9-442.12.
Annual audit
A. The
municipality shall contract with an independent certified public accountant to
conduct an annual audit of the financial transactions relating to each
municipal improvement area located in the municipality.� The audit shall
determine whether the financial transactions and records are consistent with
law and generally accepted business standards and accounting principles and
procedures.
B. The
audits shall be conducted not later than June 30 after each tax year in which
tax increment monies were distributed to the municipality and within six months
after an area is terminated.
C. A
copy of each audit shall be distributed to each affected taxing jurisdiction,
the auditor general and, on request, any member of the public. The auditor
general may make further audits and examinations as necessary and may take
appropriate action relating to the audit or examination pursuant to title 41,
chapter 7, article 10.1.� If the auditor general takes no further action within
thirty days after the audit is filed, the audit is considered to be sufficient.
END_STATUTE
START_STATUTE
9-442.13.
Termination of municipal improvement area
A. A
municipal improvement area terminates on the date of termination set by the
plan unless it is terminated earlier by resolution of the municipal governing
body.
B. On
termination, the municipality becomes liable for all unpaid costs of the plan
and any outstanding obligations incurred relating to the plan.
C. If
the governing body terminates an area before the date set by the plan, the
governing body shall notify by certified mail the joint legislative budget
committee, the governor's office of strategic planning and budgeting and each
member of the joint review board.
END_STATUTE
Sec. 2. Section 42-17052, Arizona Revised
Statutes, is amended to read:
START_STATUTE
42-17052.
Values furnished by county assessor and fire districts
A. On or before February 10 of the tax year, the
county assessor shall transmit and certify to the property tax oversight
commission and to the governing body of the political subdivision or district
in the county the values that are required to compute the levy limit prescribed
by sections 42-17051 and 48-807.� For the purposes of this section, these
values shall not be changed for the official calculation of levy limits and tax
rates after February 10 without the approval of the property tax oversight commission.�
These values shall include:
1. The finally equalized valuation of all property,
less estimated exemptions, appearing on the tax roll for the current tax year
to be used to fix, levy and assess the political subdivision's taxes.
2. The value of the property on the personal
property tax roll determined pursuant to section 42-17053.
B. On or before February 10 of the tax year, the
county assessor shall determine the limited property value for the current tax
year of each school district in the county and shall transmit the values to the
county school superintendent to assist the superintendent in computing
equalization assistance for education as provided in section 15-991.
C. On or before February 10 of the tax year, the
county assessor shall transmit to the staff of the joint legislative budget
committee and to the governor's office of strategic planning and budgeting the
values that are required to compute the truth in taxation rates prescribed by
section 41-1276.
D. On or before February 10 of the tax year, the
governing board of each fire district shall transmit to the property tax
oversight commission the total assessed value of all property annexed by the
district in the preceding calendar year.
E. If a city or town establishes a
municipal improvement area pursuant to title 9, chapter 4, article 4.1, the
values required by this section shall include, with respect to each affected
taxing jurisdiction, the original assessed value and the current assessed value
of taxable property in the area that is subject to tax increment financing
pursuant to section 9-442.08.
END_STATUTE
Sec. 3. Section 42-17251, Arizona Revised
Statutes, is amended to read:
START_STATUTE
42-17251.
Extension of assessment roll to all taxing jurisdictions in the
county; equalization
A. Each county assessor shall compile the assessment
roll, showing:
1. The total valuations of all property subject to
taxation.
2. The valuation assessed to each taxpayer for each
taxing jurisdiction in the county to show each assessment.
3. The total valuation of all of the property that
is subject to taxation in the county and in each taxing jurisdiction in the
county.
B. The county roll constitutes the assessment roll
for each taxing jurisdiction.
C. The state and county boards of equalization shall
equalize the assessments for each taxing jurisdiction to the same extent, in
the same manner and at the same time that taxes for general county purposes are
equalized.
D. If a city or town establishes a
municipal improvement area pursuant to title 9, chapter 4, article 4.1, the
roll shall include, with respect to each affected taxing jurisdiction, the
original assessed value and the current assessed value of taxable property in
the area that is subject to tax increment financing pursuant to section 9-442.08.
END_STATUTE