SB 401 Summary

• Redevelopment commissions, authorities, and departments are subject to state board of accounts audits and covered by public meeting, public records, and public works laws.

• Prohibits redevelopment entities and their designees from owning, leasing, or holding single-family dwellings or condominium units after June 30, 2014.

• Members or advisers with more than 10% direct or indirect ownership in a business entity are treated as owners for conflict of interest determinations.

• Requires private business entities proposing capital improvements of at least $4,000,000 to agree to repay redevelopment commission or authority obligations by a specified date.

• Secretary-treasurers of redevelopment authorities must report quarterly to the fiscal officer of the establishing unit; department of local government finance must prepare a comprehensive report on redevelopment activities and audit findings for 2009-2013.