Enacting the taxpayer agreement act to provide for an alternative method of tax increment financing of municipal economic development projects through taxpayer agreements.

This bill creates the "taxpayer agreement act" allowing cities to enter into agreements with developers for economic development projects. These agreements can limit a developer's ability to challenge property taxes and can be used to secure repayment of bonds issued for project costs. The bill also amends existing law to allow cities to issue bonds based on these taxpayer agreements as an alternative financing method.

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