Senate Bill 418 Summary

• Requires redevelopment commissions to obtain fiscal body approval before entering into obligations payable from public funds, except for real property acquisitions under $5,000,000 or with payment terms of three years or less.

• Eliminates the power of redevelopment commissions to exercise eminent domain and removes authority to change property assessment dates or provide financial assistance for residential unit purchases or leases.

• Mandates at least 90% of allocated property tax revenues be used for debt service, bond payments, leases, or debt service reserves rather than other purposes.

• Establishes expiration dates for tax increment financing allocation areas and requires remaining fund balances to be transferred to county auditors for property tax replacement credits to taxpayers upon expiration.

• Subjects redevelopment commissions and departments to fiscal body oversight, state board of accounts audits, public meetings laws, and public records laws, with quarterly financial reporting requirements to the fiscal officer.