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League briefed on HB507 to create a regionally significant TIF tool; reporting rules likely to consolidate in SB206
Summary
House Bill 507 would create an optional, city- or county-initiated "regionally significant development zone" modeled on HTRZ rules and could direct a portion of increment to a state infrastructure fund; transparency and reporting provisions are expected to migrate into SB206, and several technical definitions remain unresolved.
Carson and Cameron led the committee through a multi-bill overview of tax-increment financing (TIF) and redevelopment proposals, singling out House Bill 507 as a proposal to create a new optional tool for very large, regionally significant projects. HB507 would authorize a "regionally significant development zone," follow an HTRZ-style framework and — if a project meets as-yet-unspecified statutory criteria — allow collection of increment that could fund local infrastructure while routing a portion to a proposed state infrastructure fund for very large, cross-jurisdictional projects.
Cameron described the bill as an "optional tool" for cities and counties…
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