require the review of a financing plan to establish a tax increment financing district.

SB 203 requires local governments (cities or counties) to obtain an independent third-party review before establishing a tax increment financing district. This review must analyze the project's cost-benefit, projected changes in property tax distribution over time, and expected impacts on jobs, housing, and economic activity. The bill applies to any area where property taxes would be used to fund development projects within a defined district. It adds this review step to existing requirements for creating such districts but does not change who can establish them.