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Committee advances bill requiring disclosure of project financing for certain construction projects amid opposition from builders and municipalities
Summary
S-3481, as amended, was released after debate. Municipal and industry witnesses warned collecting financing documents at the local level would impose costs, raise OPRA and confidentiality issues, and exceed the review capacity of local code officials; sponsors said the bill covers disclosure and includes exemptions for single-family homes.
The Senate Community and Urban Affairs Committee released S-3481 with committee amendments that clarify certain definitions and exempt single-family homes and certain renovations from the disclosure requirement. The bill requires construction project applicants for specified projects to disclose project financing information to local enforcement agencies.
Municipal and construction-industry witnesses strongly opposed the bill. "Development agreements and financing are complicated documents, and municipal…
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