IN SB0156

Allows redevelopment commissions to provide financial assistance (grants and loans) to commercial property owners for construction, rehabilitation, or repair projects within designated redevelopment or economic development areas, subject to prior fiscal body approval.

Requires separate fiscal body approval for each grant, loan, or expenditure of financial assistance, and any loan terms may only be modified with fiscal body approval.

Limits this financial assistance authority to expire on July 1, 2019, with financial assistance approved or provided before July 1, 2013 being legalized and validated.

Effective July 1, 2014.