Loading chat...
ID H0436
Bill
Status
4/4/2025
Primary Sponsor
Revenue and Taxation Committee
Click for details
AI Summary
-
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; existing districts may withdraw if no outstanding bonds or obligations exceed their attributed revenue allocation proceeds
-
Manufacturing projects in revenue allocation areas where all parcels are owned or controlled by the project owner may receive a 20-year extension of revenue allocation financing through plan amendment
-
Local governing bodies may initiate early termination of urban renewal plans by adopting a resolution requiring the agency to submit a termination plan within 60 days, after which the agency cannot enter new financial obligations except those necessary for winding down
-
Urban renewal agency dissolution procedures are codified, requiring a resolution of intent, joint meeting with the agency, ordinance enactment, recording with county records, and notification to county clerk and state tax commission within 10 business days
-
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 plans and to allow fire protection districts and ambulance service districts to opt out of certain urban renewal financing provisions.
URBAN RENEWAL
Last Action
Reported Signed by Governor on April 4, 2025 Session Law Chapter 300 Effective: Retroactive to 01/01/2025
4/4/2025