The bill mandates that any district utilizing tax increment financing must establish an advisory committee to assist in the administration of urban renewal areas or targeted economic development districts. The advisory committee is required to include representatives from each incorporated city or town, county, and school district that overlaps with the urban renewal area or targeted economic development district. Additionally, the bill specifies that the local governing body must appoint this committee, which may also include representatives from other relevant taxing bodies. However, urban renewal areas managed by an urban renewal agency created under a specific section are exempt from this requirement.

The bill also amends existing laws regarding the composition and appointment of the board of commissioners for urban renewal agencies. It stipulates that the board must consist of no fewer than five commissioners, including representatives from both the county or consolidated city-county government and a school district that overlaps with the urban renewal area. The initial appointments will have staggered terms, and the bill clarifies that commissioners cannot receive compensation but are entitled to reimbursement for necessary expenses. These changes aim to enhance collaboration and oversight in the management of urban renewal projects and their impact on local communities.

Statutes affected:
LC Text: 7-15-4282
SB0003_1(1): 7-15-4282
SB0003_1(2): 7-15-4282
SB0003_1(3): 7-15-4282
SB0003_1(4): 7-15-4282
SB0003_1(5): 7-15-4282
SB0003_1(6): 7-15-4282
SB0003_1: 7-15-4282
SB0003_2(1): 7-15-4234, 7-15-4282
SB0003_2(10): 7-15-4282
SB0003_2(11): 7-15-4282
SB0003_2(2): 7-15-4234, 7-15-4282
SB0003_2(3): 7-15-4234, 7-15-4282
SB0003_2(4): 7-15-4282
SB0003_2(5): 7-15-4282
SB0003_2(6): 7-15-4282
SB0003_2(7): 7-15-4282
SB0003_2(8): 7-15-4282
SB0003_2(9): 7-15-4282
SB0003_2: 7-15-4234, 7-15-4282
SB0003_3: 7-15-4234, 7-15-4282
SB0003_X(1): 7-15-4234, 7-15-4282
SB0003_X(10): 7-15-4234, 7-15-4282
SB0003_X(11): 7-15-4234, 7-15-4282
SB0003_X(12): 7-15-4234, 7-15-4282
SB0003_X(13): 7-15-4234, 7-15-4282
SB0003_X(14): 7-15-4234, 7-15-4282
SB0003_X(15): 7-15-4234, 7-15-4282
SB0003_X(2): 7-15-4234, 7-15-4282
SB0003_X(3): 7-15-4234, 7-15-4282
SB0003_X(4): 7-15-4234, 7-15-4282
SB0003_X(5): 7-15-4234, 7-15-4282
SB0003_X(6): 7-15-4234, 7-15-4282
SB0003_X(7): 7-15-4234, 7-15-4282
SB0003_X(8): 7-15-4234, 7-15-4282
SB0003_X(9): 7-15-4234, 7-15-4282
SB0003_X: 7-15-4234, 7-15-4282