HB 369 Summary

• Establishes development authorities as a new type of municipal authority alongside existing port authorities, with purposes including promoting economic welfare, relieving unemployment, and creating employment.

• Expands the definition of "project" that authorities can undertake to include manufacturing facilities, energy resources, tourism infrastructure, federal facilities, and other economic development projects beyond traditional port operations.

• Grants development authorities broad powers to finance, acquire, manage, and operate development projects, either as direct owners or providers of financing for projects they do not own.

• Allows the state commissioner to lease state land to authorities for development purposes and permits revenue bonds issued by authorities to be classified as municipal bonds for financing purposes.

• Requires existing port authorities to obtain voter approval of additional powers through municipal ordinance before undertaking new development projects under the expanded project definition.