SB 325 Summary

• Requires redevelopment commissions to obtain approval from the legislative or fiscal body before entering into any obligation payable from public funds, with exceptions for property acquisitions under $5,000,000 or with payment terms of 3 years or less.

• Mandates that agreements to purchase real property exceeding $5,000,000 or with payment terms over 3 years, and any sale or disposal of real property over $5,000,000, are subject to prior review by the legislative body.

• Requires redevelopment commissions to include descriptions of acquired and disposed real property and transaction terms in annual reports, and permits executive sessions for discussing acquisition and sale strategies.

• Makes redevelopment commissions and authorities subject to state board of accounts audits, public meetings laws, and public records laws, and requires quarterly financial reporting to the unit's fiscal officer.

• When excess assessed value is expected to generate over 200% of allocated tax proceeds needed for bond payments, the commission's determination of excess value allocation must be submitted to and may be modified by the legislative body.