HB 5393 Summary

• Changes business improvement zone (BIZ) assessment period from fixed 10 years to a flexible 7-10 year "qualifying period" specified in each zone's petition and plan.

• Allows property owners to determine the length of their BIZ's qualifying period (between 7 and 10 calendar years) when establishing or renewing a zone.

• Modifies renewal procedures so BIZs must obtain approval from more than 60% of property owners (weighted by property value or assessed value) to extend operations for an additional qualifying period.

• Requires new or extended assessments beyond previously approved periods to receive separate approval from the city or village governing body.

• Applies the flexible qualifying period structure to both newly created BIZs and existing zones created before the bill's effective date.