SB 214 Summary

• Eliminates voter approval requirement for creating infrastructure financing districts and issuing bonds; allows legislative bodies to establish districts through resolution and specified procedures

• Creates a 5-member public financing authority (3 city/county officials and 2 public members) to adopt infrastructure financing plans and issue bonds by majority vote, subject to legislative body approval

• Extends district lifespan from 30 years to 40 years from adoption of infrastructure financing plan; adds mandatory annual reporting requirements to landowners and affected taxing entities

• Prohibits districts from providing financial assistance to vehicle dealers, big box retailers, or businesses relocating between jurisdictions; establishes public accountability committee for districts that divide taxes of affected taxing entities

• Limits joint powers agreements between districts and affected taxing entities to nontaxing authority or powers only; maintains 20 percent affordable housing set-aside requirement for new construction