HB12-1148 Summary

• Authorizes municipalities to designate neighborhood revitalization areas and declare individual dilapidated structures if they meet specified conditions related to deterioration, obsolescence, or historical significance that threaten public health, safety, or welfare.

• Requires municipalities to adopt a comprehensive plan before designating a revitalization area or dilapidated structure, including property descriptions, assessed valuations, owner information, zoning, proposed municipal improvements, and rebate application procedures; plan must be approved after a public hearing with at least 14 days' notice.

• Establishes a neighborhood revitalization fund to finance redevelopment and provide property tax rebates on incremental tax increases resulting from improvements, with rebate eligibility limited to a maximum of 8 years and excluding any portion that would be credited to school districts.

• Prohibits rebate increments from including tax portions that would otherwise go to school districts, preserving state education funding shares regardless of revitalization area creation.

• Permits two or more municipalities or a municipality with other local governments to enter intergovernmental agreements to jointly exercise revitalization powers; does not prevent municipalities from enacting additional compatible local laws on the same subject.