SB 246/LM (BR 1549) - J. Westwood
AN ACT relating to tax increment financing.
Amend KRS 65.680 to include housing authorities and community redevelopment authorities as agencies for purposes of section; define "low-income household," " redevelopment assistance tool," and "service payment agreement"; amend KRS 65.682 to require a city or county expanding a development area to afford maximum opportunity for work in the area to be done by private enterprise; create new sections of KRS 65.680 to 65.699 to permit a city or county which participates in a planning unit and meets specified conditions to establish a development area for community redevelopment as prescribed; require local government to adopt a redevelopment plan prior to establishment of the development area and prescribe the contents of such plan; require a public hearing and public notice of the hearing on the plan; require notice to other local governments in the county of a proposed redevelopment plan as specified; require local governments to notify the entity proposing the plan if the local government will be participating in the plan; permit the city or county proposing the plan to enact the ordinance establishing a development plan after receiving notice of the intentions of the local governments which have been notified, or after 30 days if no response is received; prescribe the contents of the ordinance which creates the development area; permit the ordinance to designate a public agency or a community redevelopment authority to oversee the implementation of the ordinance; permit a city or county to enter into service payment agreements as provided; allow the establishment of a lien in favor of the city or county under the service payment agreement; require the lien to be filed in the office of the county clerk prior to becoming valid or enforceable; prohibit real estate in the development area from participating in programs granting property assessments or reassessment moratoriums; require planning commissions to make an annual determination to the city or county as to the existence of potential development areas within the city or county and prohibit the determinations of the planning and zoning commissions from having a binding effect upon the city or county; permit a city or county to establish a nonprofit community redevelopment authority and specify the membership, terms of office, appointment and removal procedures, and administrative procedures for the authority; provide for the selection and bonding of a secretary-treasurer and set out the duties and responsibilities of the secretary-treasurer; require an annual report of all acts of the authority to the legislative body or bodies which created the authority; amend KRS 132.012 to conform.
Mar 1-introduced in Senate
Mar 3-to Appropriations and Revenue (S)