SB 346 Summary

• Redevelopment commissions may provide financial assistance (grants and loans) to commercial property owners within designated redevelopment or economic development areas to help with construction, rehabilitation, or repairs, subject to prior approval by the fiscal body.

• Financial assistance approved or provided before July 1, 2013, that would have been authorized by this new provision is legalized and validated retroactively.

• Allocated property tax proceeds from redevelopment districts may be used to fund the financial assistance to commercial property owners under the new authority.

• The bill applies to redevelopment commissions in both standard redevelopment project areas and consolidated city/county redevelopment commissions.

• Effective date: July 1, 2013.