Senate Bill 405 Summary

• Allows a municipality's redevelopment commission to provide revenue to a public transportation corporation from property tax proceeds allocated to the redevelopment commission in a tax increment financing area.

• Limits the amount of revenue to the property tax revenue received by the redevelopment commission that is attributable to the public transportation corporation's tax rate.

• Requires the municipality's legislative body and redevelopment commission to hold a joint public hearing and adopt substantially similar resolutions before providing revenue to the public transportation corporation.

• Specifies that any resolution must identify the allocation area boundaries, annual revenue amount, and first and last year revenue will be provided.

• Effective July 1, 2013.