SB410 Summary

• Authorizes formation of local redevelopment authorities by counties or municipalities to promote economic development on land contiguous to active or inactive U.S. military installations, limited to 1,000 square acres

• Grants authorities broad powers to finance, acquire, construct, lease, and sell projects; issue bonds payable solely from revenues; establish payments in lieu of taxes; and manage properties within redevelopment areas

• Exempts authorities and their projects from state and local taxation (ad valorem, sales/use, license/excise taxes), usury laws, and competitive bidding requirements; authorizing subdivisions receive no liability for authority bonds or obligations

• Allows counties and municipalities to provide loans, grants, property transfers, and lease payments to authorities without public election; permits foreclosure on delinquent assessments with 10-day notice and streamlined proceedings

• Requires Governor authorization, 30-day public notice before bond issuance, and legislative notice prior to dissolution of authorities with outstanding bonds