HB 1069 Summary

• Amends the Local Development Act by modifying definitions to replace references to "blighted areas" with "underdeveloped or underdeveloped areas" for historic preservation, reinvestment, and enterprise areas.

• Requires voter approval by majority vote for creation of incentive or increment districts, with question submitted to eligible voters of the applicable county, city, or town jurisdiction.

• Mandates that local taxing jurisdictions must separately approve formation of increment districts or their tax revenues cannot be apportioned to the district.

• Establishes new review committee requirements including: completion of 12 hours of instruction on the Local Development Act, annual meetings, presentations supporting and opposing proposals, independent legal and financial advice, and prohibition on committee members accepting anything of value from entities benefiting from district formation.

• Requires review committees to prepare or obtain an economic impact study before recommending district formation, including effects on local taxing jurisdictions and anticipated economic outcomes; becomes effective November 1, 2025.