HB 2174

For urban renewal plan proposed on or after effective date of Act, that includes public building project, requires concurrence of at least three of four taxing districts estimated to forgo most property tax revenue under proposed plan.

Bill Text

• A-Engrossed
• B-Engrossed
• Enrolled
• House Amendments to A-Engrossed
• House Amendments to Introduced
• Introduced

Modifies urban renewal plan approval requirements, property tax implications, and reporting requirements for urban renewal agencies.

Original Bill Text

Overview#

For urban renewal plan proposed on or after effective date of Act, that includes public building project, requires concurrence of at least three of four taxing districts estimated to forgo most property tax revenue under proposed plan. Requires notice of hearing on proposed urban renewal plan or substantial amendment or change to plan to contain statement that adoption may affect property tax rates for standard rate urban renewal plans or reduced rate plans whose consolidated billing tax rate includes tax pledged to repay exempt bonded indebtedness approved on or before October 6, 2001. Excludes] Clarifies and modifies inclusions in and exclusions from consolidated billing tax rate of urban renewal plans adopted or amended on or after effective date of Act tax pledged to repay exempt bonded indebtedness approved on or after effective date of Act]. Provides that for purposes of 20 percent limit on amount of land added by amendments to total land area of original urban renewal plan, calculation of total land area excludes reductions of land area made after original plan was adopted. Requires urban renewal agency’s annual statement to include maximum indebtedness for each urban renewal area included in urban renewal plan of agency, including amount of indebtedness incurred through end of preceding fiscal year. Requires statement to be distributed to each taxing district affected by urban renewal plan of agency. Takes effect on 91st day following adjournment sine die.

Legislative History