SB 548 Summary

• Chief executive officers in municipalities with populations over 60,000 and areas not exceeding 30 square miles must establish community investment boards for each neighborhood, composed of residents, business owners, religious leaders, and community representatives.

• Community investment boards identify priorities for municipal revenue sharing grants and select payment in lieu of taxes grants, or existing neighborhood revitalization planning committees may serve as the investment boards.

• Starting October 1, 2022, municipal revenue sharing grants to municipalities with established community investment boards must be allocated as follows: 35% for community board priorities, 35% for legislative body priorities, and 30% for jointly agreed priorities.

• Creates a select payment in lieu of taxes account within the General Fund administered by the Office of Policy and Management for grants to municipalities and districts.

• Establishes a task force by July 1, 2019 to study state funding programs utilized by nonprofit providers and compliance requirements, with a report due by January 1, 2020.

• Directs the Office of Policy and Management to create an internet website by January 1, 2021 for residents and organizations to submit urban improvement proposals, with monetary awards available for successful pilot programs.