HB 606 Summary

• Revises urban renewal agency board composition to allow appointment, election, or local governing body designation as commissioners, with members required to be county residents and serving terms not exceeding 5 years.

• Establishes a central registry with the State Tax Commission requiring all urban renewal agencies to submit information about their plans by December 1 each year, with penalties for non-compliance including fee assessments up to $5,000 and withholding of sales tax distributions.

• Modifies base assessment roll calculations when urban renewal plans are amended, requiring the base value to reset to current year equalized assessed values unless outstanding indebtedness exists and is certified to the county clerk and state tax commission.

• Requires 60% voter approval by election before urban renewal agencies can spend revenue allocation funds on construction of municipal buildings (administrative buildings, libraries, courthouses, fire stations, jails) when such funds contribute 51% or more of project costs.

• Effective July 1, 2016 for most provisions, with reporting requirements to the State Tax Commission effective January 1, 2017.