HB 547 Summary

• Allows county boards of commissioners in counties with populations over 75,000 to terminate community redevelopment agencies if they find the agency inefficient, negligent, engaged in financial misconduct, or no longer needed, without requiring consent from the agency or other entities.

• Requires county commissioners to provide written notice of termination at least 30 days before a public hearing, during which the agency cannot issue bonds, incur debt, or enter contracts without board approval.

• Establishes termination plan requirements including repayment of outstanding debt, provision for debt service continuation, and automatic disbursement of remaining trust fund moneys to taxing authorities proportionally.

• Requires redevelopment plans in large counties approved or amended on or after July 1, 2012 to include specific completion dates for each redevelopment activity and limits appropriations of surplus funds to projects completable within 3 years with board-approved construction timelines and budgets.

• Mandates forensic audits of community redevelopment agencies in large counties at least every 5 years to review assets, liabilities, income, and operating expenses for evidence of financial misconduct or wasteful activity.