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ID H0125
Bill
AI Summary
House Bill 125 - Urban Renewal Summary
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Changes commissioner term limits for urban renewal agencies to a maximum of 2 years per term (instead of 5 years) for appointments made after July 1, 2011, with a limit of 4 consecutive full terms.
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Prohibits amendments to revenue allocation areas after January 1, 2012 that extend boundaries, except for consolidation of revenue allocation areas.
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Establishes a 24-year maximum duration for revenue allocation financing provisions, with limited exceptions for bond maturities and refinancing needs, and provides for earlier termination when revenues are sufficient.
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Requires urban renewal agencies to prepare annual revenue allocation funds statements by March 31 identifying excess revenues and distribute surplus funds pro rata to taxing districts by October 31.
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Creates new budgeting and plan termination procedures requiring agencies to adopt special budgets before termination dates and notify local governing bodies, county auditors, and the state tax commission of revenue sufficiency determinations.
Legislative Description
Amends and adds to existing law relating to urban renewal to revise statutory provisions regarding an urban renewal agency; to revise powers of an urban renewal agency; to provide for prohibited amendment; to revise definitions; to provide for the annual budget, plan termination and statement of excess revenue allocation funds; and to revise provisions relating to revenue allocation areas and moneys obtained thereto.
URBAN RENEWAL
Last Action
to Loc Gov
2/9/2011