The bill amends various sections of the Idaho Code concerning urban renewal agencies, focusing on the dissolution process, definitions, and financial provisions. It introduces new language that requires a local governing body to adopt a resolution of intent to dissolve an urban renewal agency before proceeding with an ordinance for dissolution, which must be published and recorded. Upon dissolution, all property of the agency reverts to the municipality. The bill also revises definitions related to revenue allocation areas and public hearings, and it establishes new requirements for budget adoption and reporting by urban renewal agencies. Additionally, it clarifies the handling of outstanding indebtedness and ensures that excess revenue from modified areas is distributed to local taxing districts.

Furthermore, the bill includes provisions that enhance the flexibility and clarity of urban renewal financing in Idaho. It allows for extensions of revenue allocation financing provisions for up to twenty years for areas supporting manufacturing projects, provided certain conditions are met. The bill also mandates urban renewal agencies to provide detailed documentation for proposed public works and economic feasibility studies, while restricting expenditures on certain projects unless approved by a significant majority vote. It revises property tax exemptions for personal property, increasing limits and specifying conditions for exemption, and introduces a process for recovering improperly claimed exemptions. Overall, these amendments aim to streamline urban renewal operations, enhance accountability, and provide tax relief for personal property owners.

Statutes affected:
Bill Text: 50-2006, 50-2005, 50-2903, 50-2903A, 50-2904, 50-2906, 50-2907, 50-2908, 63-301A, 50-2905, 50-2905A, 63-602KK, 63-802