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House OKs notice and hearing requirements for redevelopment agencies
Summary
The House passed Senate Bill 105 to require redevelopment agencies seeking tax-increment financing to publish notice at least seven days before hearings and to list major budget categories and amounts; the RDA Association and League of Cities and Towns supported the bill.
Speaker (Speaker 8) explained that Senate Bill 105 would impose notice and hearing requirements on redevelopment agencies (RDAs) seeking tax-increment financing: publish notice in the newspaper at least seven days before establishing a public hearing date and list major budget categories and amounts in the notice so citizens can see how property-tax money is being used for redevelopment subsidies.
Speaker (Speaker 8) said the RDA Association and the League of Cities and Towns support SB105. The clerk opened a vote on the measure; the tally reported in the transcript was 67 yes, 0 no, and the bill passed the House and will return to the Senate for further action.
The sponsor framed the change as increasing transparency so affected taxpayers and other taxing entities can see where money is going when tax-increment financing is used.
