Summary
Bill 24-1172 creates a process for counties to establish a revitalization authority. A county revitalization authority is a corporate body that uses tax increment and private financing to create and implement a county revitalization project in accordance with a revitalization plan. Prior to commencing a revitalization project, an area must be designated as a revitalization area at a public hearing. A revitalization area is a segment of a county that could improve the overall health, safety, wellness, and growth of the county as a whole if the revitalization plan is implemented there. A county revitalization authority would have numerous powers if this bill passes, including, the power to rezone or replan property in a revitalization zone, the power of eminent domain, issue bonds, and make relocation payments to families displaced by a revitalization authority.
Legislative Update
- 2024-03-18 / Engrossed
Introduced In Senate - Assigned to Local Government & Housing - 2024-03-11 / Introduced
House Third Reading Passed - No Amendments - 2024-03-08
House Second Reading Special Order - Passed with Amendments - Committee, Floor - 2024-03-05
House Committee on Transportation, Housing & Local Government Refer Amended to House Committee of the Whole - 2024-01-31 / Introduced
Introduced in House - Assigned to Transportation, Housing & Local Government
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
