§4314.  Review of exemption applications

A.  Each application for a contract of limited exemption shall be addressed to the Department of Economic Development.  Such application shall be on such form as the department may prescribe and shall be filed with the department.  The Department of Economic Development shall forward the application to the local governing authority for review.

B.(1)  Upon receipt of the application, the local governing authority shall notify each tax recipient body affected by the contract for a limited exemption and shall make available to each such body the application and all supporting documents.

(2)  Before notifying the board of its approval or disapproval of the contract application, the local governing authority shall conduct a public hearing on the proposed limited exemption.  Notice of the time and place of the hearing shall be published at least twice in the official journal of the local governing authority, and at least ten days shall elapse between the first publication and the date of the hearing.  Each affected tax recipient body shall be given written notice of the hearing at least ten days prior to such hearing.

(3)  After such hearing the local governing authority shall determine whether to approve or disapprove the application for a contract and shall make a report of the reasons for its decision.

(4)  The local governing authority shall, within sixty days after receipt of the application from the Department of Economic Development, file with the department a statement of its decision to approve or disapprove the application, the reasons therefor, and any supporting documents.

C.  The Department of Economic Development shall review applications to determine whether the requirements for a limited exemption contract as provided in this Chapter and the rules and regulations adopted pursuant thereto have been satisfied and shall determine whether a contract of limited exemption should be approved and shall make its recommendations to the board.  The board shall review any recommendation for or against a limited exemption contract made by the department.  If the board determines that a limited exemption contract shall be granted, it shall forward the recommendation together with all supporting documents to the governor.

D.  The governor shall notify the board in writing of his decision to approve or disapprove the application within thirty days after receipt of the recommendation of the board.

Added by Acts 1983, No. 445, §1.  Amended by Acts 1984, No. 783, §1.