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ID H0255
Bill
Status
2/17/2025
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
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Fire protection districts and ambulance service districts created or modified after July 1, 2025, are exempt from urban renewal revenue allocation financing provisions unless they consent by resolution to participate
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Fire protection and ambulance districts may withdraw from existing revenue allocation financing at any time if the urban renewal agency has no outstanding bonds or indebtedness funded by that provision
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Creates new Section 50-2914 establishing formal procedures for terminating revenue allocation areas, requiring the urban renewal agency to adopt a final budget demonstrating all financial obligations can be met before recommending termination to the local governing body
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Local governing bodies may dissolve urban renewal agencies by ordinance following the same conditions as terminating a revenue allocation area, with property reverting to the municipality upon dissolution
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The act takes effect retroactively to January 1, 2025, under an emergency declaration
Legislative Description
Amends and adds to existing law to provide for the dissolution of urban renewal agencies and termination of urban renewal revenue allocation areas and to allow fire protection districts and ambulance service districts to opt out of certain urban renewal financing provisions.
URBAN RENEWAL
Last Action
Reported Printed and Referred to Revenue & Taxation
2/18/2025