SB11 Summary

• Applies only to Class 2 municipalities and authorizes the establishment of Redevelopment Authorities to finance projects in development areas for revitalizing blighted or economically distressed areas.

• Redevelopment Authority governed by an 11-member board (8 city council appointees including 1 ex officio member, 3 mayoral appointees) with members demonstrating professional qualifications in community development, planning, engineering, finance, law, public relations, or public administration.

• Authority empowered to acquire, lease, sell, and finance projects including industrial, commercial, residential, and retail uses within the development area (central business district and areas within 5 miles thereof).

• Authority may issue bonds payable from project revenues and receipts; bonds are exempt from state taxation and do not create obligation or debt of the city or state.

• Authority is a nonprofit corporation that must hold public hearings before spending tax revenues; existing authorities under prior law may amend their certificates to come under this chapter's provisions.