HB2436 Summary

• For levy year 2022 and thereafter, the limiting rate calculation shall include 50% of the value of new property, instead of the current 100% exclusion of new property value.

• New redevelopment project areas must have a completion date no later than December 31st of the 10th year after ordinance adoption (reduced from 23 years), with possible extension to 15 years (reduced from 35 years).

• Joint review board and municipality must jointly designate and approve surplus funds within 30 days after the close of the fiscal year, and distribute all surplus funds within 90 days (reduced from 180 days).

• New or expanded redevelopment project areas that overlap with any existing redevelopment project area may not be approved.

• Changes to definitions of "blighted area" and "conservation area" for redevelopment eligibility, including addition of factors related to poverty and unemployment rates.