NC State House passes Senate Bill 725, the “Local Option Project Development Financing Bill”

North Carolina State House members voted 86 to 23 to put this before the public as an Amendment to the Constitution of North Carolina. Voters will decide in November 2004 whether to let local governments borrow money through a mechanism called “tax increment financing.” The financing method allows local governments, without getting the approval of voters, to borrow money for public projects that would benefit private development, such as parking decks, convention centers or similar structures. Taxes generated by the private development would pay off the debt.

Click here for a copy of the vote. We want to thank those House members who voted for the taxpayers and voted no to this legislation.

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