municipal tax increment financing; infrastructure

HB 2827 establishes a framework for Arizona municipalities to create "municipal improvement areas" where they can use increased property tax revenue to fund public infrastructure projects. Cities must meet specific criteria (like targeting blighted areas or residential development) and secure approvals from county and school districts before designating an area. The program allows funding for projects like roads, sewers, transit systems, and public spaces over a 30-year period per area, with funds dedicated to projects outlined in a development plan. This directly affects local governments seeking to finance community improvements through property tax growth.