The enrolled Senate Bill amends the Brownfield Redevelopment Authority Act to improve the revitalization and redevelopment of blighted properties by municipalities. Key amendments include the introduction of definitions and provisions for "blighted" properties, which now include criteria such as public nuisance declarations, fire hazards, and properties with disconnected utilities. The bill clarifies that the sale or transfer of previously developed or tax-reverted properties does not alter their blighted status. New sections (16a and 16b) are added to outline additional eligible activities and properties, particularly those related to housing development and environmental assessments. The bill also specifies the roles of various authorities in the brownfield redevelopment process, emphasizing environmental insurance and the responsibilities of property owners and developers in reporting financial data.

Additionally, the bill establishes a framework for implementing transformational brownfield plans in municipalities, with specific population thresholds determining financial allocations for eligible projects. It defines key terms and outlines the process for calculating income tax capture revenues, allowing property owners to opt for a "safe harbor" method. The bill mandates compliance with reporting requirements and sets limitations on the number of targeted redevelopment areas approved annually. It emphasizes the importance of independent evaluations for plans involving significant tax capture revenues and establishes caps on total annual tax capture and construction period tax capture revenues. Overall, the bill aims to facilitate economic development and community revitalization through structured financial incentives, clear guidelines, and enhanced transparency in the management of brownfield redevelopment projects.

Statutes affected:
Substitute (S-1): 125.2652
Substitute (S-6): 125.2652
Substitute (H-1): 125.2652
Senate Introduced Bill: 125.2652
As Passed by the Senate: 125.2652
As Passed by the House: 125.2652
Senate Concurred Bill: 125.2652
Senate Enrolled Bill: 125.2652