Relating to: limitations on the total value of taxable property that may be included in a tax incremental financing district created in the city of Port Washington. (FE)

SB 122 creates a specific exception for the City of Port Washington regarding tax incremental financing (TIF) districts. It removes the standard 12% limit on the total value of taxable property that a city can include in a TIF district. This exception applies specifically to the creation of Tax Incremental District Number 5 by the City of Port Washington's common council. The bill allows the city to include a greater value of taxable property in this particular TIF district than would typically be permitted under state law.