SB 473 Summary

• Establishes Redevelopment Authorities in Class 2 municipalities to finance projects in development areas that revitalize and redevelop blighted or economically distressed areas.

• Creates an 11-member board of directors (7 city council appointees, 4 mayoral appointees) with members required to demonstrate professional qualifications in community development, planning, engineering, finance, law, marketing, or public administration.

• Authorizes authorities to issue bonds payable solely from project revenues, acquire and lease property, extend credit to project developers, and require payments in lieu of taxes (excluding state and local sales/use taxes).

• Grants authorities exemption from state taxation, usury laws, and licensing fees; requires compliance with competitive bidding laws only when using public funds.

• Limits projects to locations wholly within the municipality's corporate limits and development area (within 5 miles of central business district perimeter), with authority and city determinations regarding project location and eligibility being final and conclusive.