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The bill would create a special taxing district in Newark to finance the arena's construction.
Local governments have long used special taxing districts to finance improvements to private property that benefit the public.
Special taxing districts with their own debt limits are often formed when a city has reached its limit.
The county has hundreds of special taxing districts; few states have a greater number of local governments.
For decades, cities and counties have created special taxing districts to finance improvements that benefit private property, such as street lights or sewers.
Special taxing districts are one of those local nuisances, like suburban geese and deer, that people endlessly complain about but also feed.
Similar(24)
Connecticut, $600 million of special tax obligation bonds.
Connecticut, $112 million of special tax obligation bonds.
A special tax for foreign visitors?
Connecticut special tax, $200 million of debt securities.
Ideas like special tax breaks for Wall Street?
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