SB2880 Summary

• Requires redevelopment project areas created on or after the bill's effective date to have a median household income of 100% or less of the area median income (as determined by HUD) in addition to existing blight requirements.

• Prohibits tax increment revenues from one redevelopment project area being used for eligible costs in another redevelopment project area on or after January 1, 2019, and prohibits transferring such revenues between areas after that date.

• Limits the use of tax increment revenues for jointly undertaken redevelopment projects to only the percentage of eligible costs undertaken within the project area that received the revenue, effective January 1, 2019.

• Provides a grandfathering provision allowing existing contracts or agreements in force before the bill's effective date to continue using revenues across project areas only to the extent necessary for compliance, but prohibits renewal or extension unless the new contract complies with the bill's restrictions.