The bill amends various sections of the Idaho Code concerning urban renewal agencies, focusing on the dissolution process, definitions, and revenue allocation areas. It introduces new language in Section 50-2006, allowing local governing bodies to dissolve urban renewal agencies through an ordinance, with the dissolution taking effect as specified. Upon dissolution, all property owned by the agency reverts to the municipality, and the local governing body must notify affected taxing districts and the state tax commission within ten business days. Additionally, the bill revises definitions in Section 50-2903 to clarify terms related to urban renewal and revenue allocation, while also establishing a new section (50-2914) for the termination of revenue allocation areas.

Furthermore, the bill outlines specific requirements for adopting urban renewal plans and creating revenue allocation financing provisions, mandating public hearings and ordinances from local governing bodies. It exempts fire protection and ambulance service districts from financing provisions unless they consent, allowing them to withdraw under certain conditions. The bill also introduces new provisions for property tax assessments, allowing certain increments in property value for districts that withdraw from urban renewal financing. It clarifies that property tax revenues used for annual budgets will not include taxes collected on exempt properties and updates the certification process for property tax levies. Overall, the bill aims to enhance urban renewal efforts, streamline processes, and provide flexibility for taxing districts in managing their budgets and property tax revenues.

Statutes affected:
Bill Text: 50-2006, 50-2005, 50-2903, 50-2906, 50-2907, 50-2908, 50-2909, 63-301A, 63-802, 63-803, 63-1312