IN HB1130 | 2024 | Regular Session
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 8 2024 - 25% progression
Action: 2024-01-08 - First reading: referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 8 2024 - 25% progression
Action: 2024-01-08 - First reading: referred to Committee on Ways and Means
Pending: House Ways and Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Economic development districts. Creates a procedure to establish a community infrastructure improvement district (district). Specifies that the procedure added by the bill allowing for the establishment of a district does not authorize the unit to establish a district that overlaps with an economic improvement district. Requires a petition for the establishment of a district to include a rate and methodology report. Specifies the contents of the report. Specifies the basis upon which benefits accruing to parcels of real property within a district may be apportioned among those parcels. Requires a determination that the aggregate assessments within a district: (1) do not exceed 30% of the projected assessed value of property within the district; or (2) in the case of a district that is established for single family residences, do not exceed 10% of the projected assessed value per single family residence within the district; before a legislative body may adopt an ordinance to establish a district. Requires a community infrastructure improvement board (board) to assist the county treasurer in order to make certain specified determinations and designations regarding annual assessments within a district. Adds specific provisions that apply to the board's issuance of revenue bonds. Sunsets these provisions after five years.
Title
Economic development districts.
Sponsors
History
Date | Chamber | Action |
---|---|---|
2024-01-08 | House | First reading: referred to Committee on Ways and Means |
2024-01-08 | House | Authored by Representative Manning |