HB 14-1375 Summary

• Increases the maximum number of urban renewal authority commissioners from 11 to 13, with at least one commissioner appointed by each county board where an urban renewal project is located.

• Requires county-appointed commissioners to be either board members or their designees who reside within the municipality where the authority is established.

• Establishes that the percentage of property tax increment allocated to an authority cannot exceed the percentage of municipal sales tax increment allocated, except through written agreements with public bodies.

• Requires remaining funds from non-municipal property tax mill levies to be repaid to public bodies pro rata after bonds and indebtedness are paid off.

• Applies to urban renewal authorities created or modified on or after January 1, 2015, and to renewal plans adopted on or after that date.