OK HB2298

Creates the Community Investment Corporation Development Act establishing community investment corporations as for-profit, citizen-owned real estate planning and development entities that can receive donated land, borrow money for land development, and provide residents with equal, lifetime, non-transferable ownership stakes in local land use

Establishes an 11-member Community Investment Corporation Development Commission within the Oklahoma Department of Commerce, with members appointed by the Governor for staggered terms of 1-4 years initially, then 4-year terms thereafter

Requires the Commission to make annual reports to the Governor and Legislature with recommendations on policies, approval processes, tax reforms, pilot projects involving eminent domain delegation, and procedures for citizens to petition for local referenda to create community investment corporations

Creates the Community Investment Corporation Revolving Fund as a continuing fund to receive state, federal, and private donations for grants to communities establishing corporations, with a goal of self-sustainability within 5 years through land rentals and fees

Effective date of July 1, 2013, with emergency clause for immediate implementation upon passage