Allow tax increment financing for police, firefighting facilities

Added new definitions for 'blighted area', 'impacted city', 'incentive district', 'overlay', 'nonperforming parcel', and 'public infrastructure improvement' to clarify which projects and locations qualify for tax benefits.

Explicitly included 'buildings for police or firefighting' and 'stormwater and flood remediation' within the definition of public infrastructure improvements eligible for funding.

Established specific distress characteristics (e.g., poverty rates, unemployment levels, blight status) that an area must meet to qualify as an 'incentive district'.

Introduced a process allowing property owners to exclude their land from an incentive district if it does not fall entirely within the designated 'overlay' area.

Added strict notification and compensation protocols requiring legislative authorities to notify school boards and county commissioners before adopting ordinances that grant tax exemptions exceeding ten years or 75% of value.

Mandated annual status reports to the director of development detailing project progress, financial receipts, and economic impacts like job creation.

Removed page numbers and line references from the original text to create a clean, continuous legislative text.