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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.