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 requirements for the dissolution of an urban renewal agency, mandating that a local governing body adopt a resolution of intent to dissolve, which must be communicated to the agency. A joint meeting between the local governing body and the agency's board of commissioners is required to discuss the dissolution, and if deemed necessary, the local governing body can enact an ordinance for dissolution. The bill also revises definitions related to revenue allocation areas and financial operations, including the introduction of a new section for the termination of urban renewal plans and revenue allocation financing provisions.

Additionally, the bill outlines new requirements for urban renewal agencies, including the need for detailed documentation such as economic feasibility studies and fiscal impact statements for proposed public works. It establishes that urban renewal agencies cannot use revenue for certain projects unless approved by a significant majority vote. The legislation also modifies property tax exemptions for personal property, increasing exemption limits and specifying conditions for tax relief. Furthermore, it allows taxing districts to recover forgone property tax revenue increases from previous years, with provisions for public notice and hearings. Overall, the amendments aim to enhance transparency, accountability, and flexibility in urban renewal processes and financing in Idaho.

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