For any district established after July 1, 2026, a governing body may not approve a project plan unless an independent fiscal feasibility review has been completed and submitted to all political subdivisions. The review must be conducted by a third-party who is a municipal advisor registered with the Municipal Securities Rulemaking Board and the United States Securities and Exchange Commission pursuant to section 15B of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78a to 78qq, inclusive (January 1, 2026), a licensed certified public accountant, or another independent third-party reviewer, including a nonprofit or research organization, or attorney, with demonstrated experience in municipal finance and tax increment financing, approved by the governing body. The person conducting the review may be compensated for conducting the review but must be independent of any developer, obligated person, and private entity receiving financial assistance or reimbursement under the project plan. If the review is conducted: (1) By a municipal advisor, the advisor must: (a) Act in the capacity of municipal advisor to the governing body and may not act on behalf of any developer, underwriter, or other private party; and (b) Acknowledge in writing that the advisor owes a fiduciary duty to the governing body with respect to any advice provided in the review; (2) By a certified public accountant, the accountant: (a) Must perform the review in accordance with applicable professional standards; (b) May not prepare, or have prepared, any development feasibility analysis, financial projection, or valuation study for the developer or any affiliated entity relating to the district; and (c) Must acknowledge in writing that the review is conducted for the benefit of the governing body; or (3) By an independent third-party reviewer, including a nonprofit or research organization, or attorney, approved by the governing body, the third-party reviewer may not receive funding or compensation, other than compensation for conducting the review, from the governing body or any developer, underwriter, or other private entity involved in the project.
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