HB0281 Summary

• Amends the Tax Increment Allocation Redevelopment Act to add business interruption costs as eligible redevelopment project costs.

• Allows municipalities to reimburse businesses located in redevelopment areas that experienced interruption or adverse conditions directly or indirectly caused by the COVID-19 public health emergency.

• Permits reimbursement through grants, subsidies, or loans as determined by the municipality.

• Defines "costs of business interruption" as either revenue decreases from business closures or access limitations due to COVID-19 prevention measures, or revenue decreases from reduced customer demand resulting from the pandemic.

• Authorizes municipalities to establish procedures including application processes, grant/loan agreements, certifications, payment methodologies, and accountability measures for participating businesses.