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IN HB1210
Bill
Status
1/9/2018
Primary Sponsor
Steve Bartels
Click for details
AI Summary
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Cities and towns with populations not exceeding 20,000 may establish a main street downtown redevelopment district by ordinance within their territory.
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Districts must be contiguous areas with perimeters not exceeding one mile, and each municipality may establish only one district.
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Districts expire on the earlier of a specified date in the ordinance or 25 years after the ordinance's effective date.
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Sales tax increment revenue generated by businesses in the district is captured and distributed monthly to the municipality for improvements, bond payments, or lease rental payments related to district projects.
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Municipalities cannot abolish or amend district boundaries if they have pledged the increment revenue for bond payments or lease agreements.
Legislative Description
Main street downtown redevelopment districts. Provides that a city or town having a population that does not exceed 20,000 (eligible municipality) may establish a main street downtown redevelopment district (district) within the eligible municipality for the purpose of capturing sales tax collected by businesses located in the district. Provides that the sales tax increment distributed to each eligible municipality that establishes a district may be used to pay for improvements in the district or the financing of improvements in the district.
Last Action
First reading: referred to Committee on Ways and Means
1/9/2018