The bill amends the Brownfield Redevelopment Financing Act to enhance the definitions and scope of eligible activities and properties for brownfield redevelopment. Key insertions include the definition of "blighted" properties, which now includes criteria such as public nuisance declarations and properties owned by land bank fast track authorities. New definitions for "economic opportunity zone," "eligible activities," and "housing development activities" are introduced to support redevelopment efforts, particularly for housing aimed at income-qualified households. The bill also clarifies that properties previously identified as eligible under a brownfield plan can maintain their status even after being sold or transferred, thereby ensuring ongoing support for redevelopment initiatives.

Additionally, the bill outlines the approval process for transformational brownfield plans, which must meet specific capital investment thresholds and require a determination of public purpose by local governing bodies. It establishes a new annual tax capture limit of $175,000,000, replacing the previous limit of $80,000,000, and sets a cap on the number of plans that can be approved in a calendar year. The bill allows for certain amendments to approved plans without additional notice and mandates equitable distribution of plans across municipalities. Overall, these amendments aim to streamline the brownfield redevelopment process, promote economic growth, and ensure accountability in the use of tax capture revenues.

Statutes affected:
House Introduced Bill: 125.2652, 125.2664