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Committee approves bill to align bond language and allow 25-year municipal redevelopment bonds
Summary
The Senate City, County & Local Affairs Committee approved a bill to remove inconsistent language tied to amendment 78 and allow redevelopment bonds to be issued with a 25-year lifespan, easing timing constraints on multi-phase projects.
Senator Steve Kroll, representing District 3, told the committee the bill “remove[s] inconsistent language with the amendment 78” and “allows the series to redevelop the bonds and issue for 25 year lifespan.” The bill was presented as a technical cleanup to let economic-development districts finance later phases of large, multi-phase projects without being blocked by current time-frame restrictions.
Michelle Allgood of Mitchell Williams Law Firm told the committee those districts are used for economic development and that the current restrictions could “prohibit maybe that second or third phase of development” on large projects. No members raised substantive questions, and Kroll closed asking for a favorable vote.
After a motion and second, the committee approved the bill by voice vote. The chair announced the bill passes. The committee recorded no roll-call vote during the meeting and provided no amendment beyond the technical change described.
The bill now proceeds according to the legislature’s next scheduling steps.
