The bill amends various sections of the Idaho Code concerning urban renewal agencies, focusing on the dissolution process, definitions, and technical corrections. It introduces new provisions that allow local governing bodies to dissolve urban renewal agencies through an ordinance after adopting a resolution of intent, which must be communicated to the agency. This resolution results in the agency losing the authority to initiate new projects or incur financial obligations. The bill also revises definitions related to revenue allocation areas and budget requirements, clarifying the process for adopting and modifying urban renewal plans, and establishing new sections for plan termination and financing provisions.

Additionally, the bill includes new requirements for urban renewal agencies, such as providing detailed statements of proposed public works and economic feasibility studies. It restricts the expenditure of revenue on certain projects unless approved by a supermajority in an election. The legislation also modifies property tax exemptions for personal property, increasing exemption limits and outlining conditions for certification and reimbursement to taxing districts. Overall, the bill aims to enhance the effectiveness and accountability of urban renewal efforts in Idaho while ensuring proper management of tax revenues and urban renewal plans.

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