Amends TCA Title 7, Chapter 53.

Present law governing industrial development corporations authorizes the incorporation in the several municipalities of public corporations to finance, acquire, own, lease, or dispose of properties. Projects may be acquired, purchased, constructed, reconstructed, improved, bettered and extended and bonds may be issued for the purposes detailed under present law. This bill adds to the definition of "project" under the industrial development corporation provisions to include, in a municipality that has been designated as a tier 3 or tier 4 enhancement county pursuant as of July 1 immediately prior to the commencement of the project, any facilities or expenditures paid or incurred for a system, plant, or equipment for the provision of broadband internet access, voice over internet protocol, internet protocol-based video, telecommunications, video programming, or related or similar services, or other like system, plant, or equipment. This bill does not authorize an industrial development corporation to negotiate a payment in lieu of tax agreement for less than the ad valorem taxes otherwise due on the project unless the corporation receives written approval from each affected local government entity or the corporation pays the other affected local governments the amount of ad valorem taxes those governments would otherwise receive for the affected property based on its assessed value. This bill specifies that a municipality is authorized to aid or otherwise provide assistance for the projects, or portions of projects, authorized by this bill, for a term, and upon conditions, as may be determined by the governing body of the municipality.