HB 567 Summary

• Establishes comprehensive urban renewal framework by adding new Chapter 32 (Idaho Urban Reinvestment Act) and Chapter 32 (Local Economic Development Act) to Title 50, creating detailed procedures for deteriorating areas, economic development areas, and competitively disadvantaged border community areas

• Expands urban renewal agency powers to include revenue allocation financing, property acquisition and disposal, bond issuance, and management of transit, infrastructure, and sustainable development projects within designated areas

• Implements revenue allocation financing provisions allowing municipalities to capture and allocate property tax increment revenues from urban renewal areas for up to 20 years (deteriorating areas) or 12 years (economic development areas) to finance urban renewal projects

• Requires urban renewal agencies to comply with public records, open meetings, ethics, and competitive bidding laws; mandates annual financial reporting and budgeting; and establishes conflict-of-interest requirements for commissioners and employees

• Protects previously adopted urban renewal plans adopted before January 1, 2011 by grandfathering them under prior law while requiring new plans created after the effective date to comply with revised statutory requirements