This bill proposes significant updates to current statutes by introducing a new chapter, Chapter 14, to Title 9 of the Arizona Revised Statutes, which focuses on "Housing and Economic Growth Zones." The bill allows municipalities to designate specific areas as growth zones for up to twenty years, aimed at increasing attainable housing stock, upgrading infrastructure, and revitalizing economically distressed areas. It establishes definitions for key terms such as "base value," "increment revenue," and "qualified public improvement," and outlines the requirements for municipalities to adopt project plans that include public improvements and financing mechanisms.

Additionally, the bill repeals existing provisions in Title 9, Chapter 14, and modifies certain sections of the Arizona Revised Statutes to align with the new framework. It mandates that municipalities hold public hearings before designating growth zones and requires the establishment of a governing board to oversee the implementation of project plans. The governing board is tasked with ensuring compliance with the municipality's general plan and managing the financial aspects of the growth zones, including the use of increment revenues for qualified public improvements. Overall, the bill aims to enhance local economic development and address housing shortages through structured municipal planning and investment.

Statutes affected:
Introduced Version: 42-1004, 9-1502