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ID H0097
Bill
AI Summary
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Urban renewal plans must be limited to specific projects with clear descriptions of development, redevelopment, improvements, land acquisition, and structures to be removed or demolished, with any modifications subject to the same limitations.
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All urban renewal plans and revenue allocation areas must include a project termination date as provided in Idaho Code section 50-2903.
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Excess urban renewal area revenues beyond amounts needed to meet financial obligations, bonds, and agreements must be disbursed to taxing districts on a pro rata basis.
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Revenue allocation financing provisions may not exceed 24 years from ordinance approval, with limited exceptions for bond maturities up to 30 years, refinancing needs, or plans adopted before July 1, 2000.
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Revenue allocation area plans must be consistent with urban renewal plan requirements including specific project descriptions, economic feasibility studies, cost estimates, fiscal impact statements, financing methods, and asset disposition plans.
Legislative Description
Adds to and amends existing law relating to urban renewal and local economic development to provide that an urban renewal plan planned or approved shall be limited to a single project and shall include a termination date; to provide for distribution of certain revenue and to define a term; and to provide that a certain plan be consistent with provisions of section 50-2008, Idaho Code.
URBAN RENEWAL
Last Action
to Loc Gov
3/2/2011