The bill introduces the "Taxpayer Agreement Act," which allows cities in Kansas to enter into taxpayer agreements with property owners or developers within tax increment or redevelopment districts. These agreements can limit the rights of developers to challenge property assessments and taxes, secure repayment of financing for project costs, and establish payment obligations to support project financing. The agreements create binding payment obligations that do not constitute a pledge of the city's credit or taxing power, and cities are not required to enter into such agreements. Additionally, liens securing payments under these agreements will have the same priority as real estate tax liens and can be enforced similarly.

The bill also amends K.S.A. 12-1774, allowing cities to issue special obligation bonds and full faith and credit tax increment bonds to finance redevelopment projects. It clarifies that these bonds are not general obligations of the city and do not impose financial obligations beyond the pledged revenues. The act repeals the existing section of K.S.A. 12-1774, streamlining the financing process for redevelopment projects and enhancing the financial tools available to cities for economic development. The act will take effect upon publication in the statute book.

Statutes affected:
As introduced: 12-1774