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IN HB1391
Bill
Status
1/16/2018
Primary Sponsor
Justin Moed
Click for details
AI Summary
House Bill 1391 Summary
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Authorizes redevelopment commissions in consolidated first class cities and second class cities to establish flood control improvement districts that capture incremental property tax revenue for flood control infrastructure.
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Restricts districts to only include "special flood hazard property" as designated by FEMA on January 1, 2018, and requires properties to directly benefit from the proposed flood control works.
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Requires board of public works to establish district boundaries, identify property owners, create a flood control plan, and hold a public hearing before recommending district establishment to the commission.
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Establishes a flood control improvement fund administered by the commission, funded by incremental property tax revenue and bond proceeds, with money used exclusively for flood control works within the district.
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Limits districts to a 75-year lifespan and restricts debt obligations to 25 years from the initial bond issuance; requires annual reporting by February 1 on fund activity and bond obligations.
Legislative Description
Financing of flood control improvements. Authorizes certain redevelopment commissions (commissions), following a written recommendation from the board of public works and approval of the legislative body, to adopt an ordinance designating an area as a flood control improvement district (district) to capture incremental property tax revenue within the district to be used for the construction, replacement, repair, maintenance, or improvement of flood control works. Provides that only special flood hazard property may be included within the boundaries of a district. Defines "special flood hazard property" as property that on January 1, 2018, is situated in a special flood hazard area
Last Action
First reading: referred to Committee on Ways and Means
1/16/2018