HB 2117 Summary

• Amends the Local Development Act (62 O.S. §§ 853, 856) to modify definitions, including clarifying that increment revenue can be generated "regardless of taxable location or recipient local public taxing entity"

• Allows districts created by agreement between entities to be non-contiguous, removing the previous requirement that jointly created districts be contiguous

• Modifies ordinance/resolution requirements for district creation to allow deferral of the district creation date by up to 10 years after project plan approval

• Amends 61 O.S. § 127 to expand application of public contract provisions to public entities under the Local Development Act, with an exception for improvements costing 25% or less of total estimated public and private investment in the increment district