HB 6243 Summary

• Establishes "qualified educational economic opportunity districts" that allow municipalities to create an additional downtown development authority focused on areas including qualified higher education institutions.

• Expands authority board membership requirements for qualified educational economic opportunity districts to include a representative from a qualified higher education institution and at least 3 individuals representing major businesses, arts/cultural organizations, young professionals, chamber of commerce, community foundations, economic development organizations, or public transportation.

• Grants boards of qualified educational economic opportunity districts authority to fund business loan programs, entrepreneurial incubators, home purchase assistance, energy efficiency programs, transit development, land/building acquisition, and green building development using tax increment revenues.

• Requires development plans for qualified educational economic opportunity districts to include provisions for walkable downtown design, regional connectivity, mixed-use sustainable communities, integration of higher education activities, and entrepreneurial enterprise development involving faculty and students.

• Prohibits use of tax increment revenues to improve public facilities located on property owned or controlled by qualified higher education institutions.