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What information must be provided to the public before the CHIP indebtedness vote?

Information that must be provided to the public includes:

  • The amount and type of debt and related costs to be incurred including, principal, interest, and fees,
  • The term of the debt,
  • The Housing Infrastructure Project to be financed,
  • The Housing Development Project that will occur due to the Housing Infrastructure Project,
  • A public notice that if the tax increment received is insufficient to pay debt costs in any year, the municipality remains liable for the debt, and
  • If interfund loans within the municipality are used, the information must include the terms and condition of the loan.