Senate Bill 792 Summary

• Establishes the "Neighborhood Improvement District Act" to allow creation of public bodies in cities and villages that can fund neighborhood improvements through property assessments on residential real property.

• Authorizes neighborhood improvement districts to conduct projects including parks, sidewalks, landscaping, lighting, security services, cultural activities, and building demolition to enhance neighborhood economic prosperity and safety.

• Requires district creation through petition by 30% of property owners, public meetings, approval of a district plan by 60% of voting property owners, and city/village governing body approval; districts operate for 7-year periods that can be renewed.

• Allows districts to impose assessments on residential properties (capped at $300 annually in cities with 600,000+ population) and borrow up to 50% of annual assessment revenue; assessment revenues belong to the district, not the municipality.

• Requires districts to maintain a board of 5-15 directors, conduct annual audits by certified public accountants, publish financial reports, and can be dissolved by petition if 50% of property owners vote for dissolution or if material audit exceptions aren't corrected within 90 days.