House Bill 1617 Summary

• Authorizes industrial development authorities and economic development districts to acquire and develop megasites of at least 800 contiguous acres to attract significant industrial development projects.

• Defines "megasite project" costs to include site preparation, construction, land acquisition, utilities, environmental remediation, financing charges, engineering and legal services, and administrative expenses.

• Permits county boards of supervisors to issue general obligation bonds, revenue bonds, special assessment bonds, accept federal loans, and use grants to fund megasite project costs.

• Amends Section 19-9-1 to authorize county bonds for megasite projects and exempts megasite indebtedness from the 15-20% debt limit under Section 19-9-5.

• Exempts real property acquired for megasite projects under Section 57-31-35 from standard appraisal and fair market value requirements in Section 43-37-3.