Definitions

In this title: (1) Affordable transit-oriented development The term affordable transit-oriented development means development of commercial and residential areas located near public transportation stations that promotes affordable housing and affordable commercial space. (2) Captured assessed value The term captured assessed value means the amount, as a percentage or stated sum, of increased assessed value that is utilized from year to year to finance project costs pursuant to the district strategic plan. (3) Current assessed value The term current assessed value means the assessed value of all taxable real property within a tax increment district as of October first of each year that the tax increment district remains in effect. (4) Financial plan The term financial plan means a statement of the project costs and sources of revenue required to accomplish the district strategic plan. (5) Increased assessed value The term increased assessed value means the valuation amount by which the current assessed value of a tax increment district exceeds the original assessed value of the tax increment district. If the current assessed value is equal to or less than the original assessed value, there is no increased assessed value. (6) Local government The term local government means— (A) any county, city, town, township, parish, village, or other general purpose political subdivision of a State; and (B) any combination of political subdivisions or appropriate government entities including special assessment districts. (7) Nominated area The term nominated area means an area which is nominated by 1 or more local governments and the State or States in which it is located for designation under section 7. (8) Original assessed value The term original assessed value means the assessed value of all taxable real property within a tax increment district as of October first of the tax year preceding the year in which the tax increment district was established by the State or local government. (9) Public Transportation The term public transportation has the meaning given the term in section 5302 of title 49, United States Code. (10) Tax increment The term tax increment means capital gain taxes assessed by the Federal Government upon the increased assessed value of property in the tax increment district. (11) Tax increment district The term tax increment district means that area wholly within the corporate limits of a municipality that has been established and designated in accordance to section 7.