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Committee recommends limits and wrap-up timeline for redevelopment project areas
Summary
First-substitute SB 228 clarifies termination procedures for community reinvestment (redevelopment) project areas, requires a six-month wrap-up to return excess funds after collection ends and allows a one-time two-year extension by agreement; the committee recommended the bill favorably with one opposition on record.
Senator Harper described SB 228 (first substitute) as a clarifying bill for community reinvestment agency and redevelopment project areas that sets a post-collection wrap-up timeline and a one-time two-year extension by agreement. "Once your period that you've been authorized to collect is ended, you have basically six months to wrap it up and…
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