Idaho House Bill 672 - Urban Renewal Law Amendments

• Extends the period to challenge urban renewal plans and revenue allocation ordinances from 30 days to 45 days after the effective date, and establishes conclusive validity if not challenged within that timeframe.

• Changes urban renewal agency commissioner terms from 5 years to 3 years, with a limit of two full consecutive terms without specific approval from the local governing body (effective January 1, 2011).

• Creates new sections prohibiting revenue allocation area boundary extensions (except for consolidation) and exempting urban renewal agency property from all taxes and special assessments.

• Requires appointed commissioners to file annual financial disclosure statements by April 15, including information on pecuniary interests and real property ownership in urban renewal areas, with conflicts of interest governed by existing state ethics law.

• Establishes procedures for returning excess revenue allocation funds to taxing districts on a pro-rata basis when collected revenues exceed the agency's financial obligations for the urban renewal plan.