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IN HB1395
Bill
Status
1/16/2018
Primary Sponsor
Philip GiaQuinta
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AI Summary
HB 1395 Summary
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Allows redevelopment commissions to issue bonds with terms up to 75 years (instead of previous limits of 25-50 years) for projects involving repurposing of two or more buildings at least 75 years old located at former manufacturing sites with 100+ years of manufacturing history.
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Permits redevelopment commissions to enter into leases with terms up to 75 years under the same conditions regarding historic building reuse and manufacturing site history.
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Extends allocation area expiration dates to 75 years (instead of 25 years) for projects established after June 30, 2018, that meet the historic building and manufacturing site criteria.
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Changes effective July 1, 2018, and applies to redevelopment project areas, economic development areas, and urban renewal project areas meeting the specified conditions.
Legislative Description
Redevelopment. Provides that a redevelopment commission may issue bonds or enter into leases with a term of up to 75 years to finance a project that includes, as part of the project, the use and repurposing of two or more buildings and structures that are: (1) at least 75 years old; and (2) located at a site at which manufacturing previously occurred over a period of at least 100 years. Specifies that in the case of an allocation area that is established after June 30, 2018, for such a project, the expiration date of the allocation provision may not be
Last Action
First reading: referred to Committee on Ways and Means
1/16/2018