The proposed bill, known as the Urban Development Incentive Act, aims to address economic challenges in distressed areas of Nebraska by providing targeted incentives for small and emerging developers. The bill outlines the establishment of a grant program administered by the Department of Economic Development, which will offer funding for real estate development projects that create affordable commercial spaces in economically distressed areas. The legislation defines key terms such as "affordable commercial space," "economically distressed area," and "eligible developer," and sets forth the criteria for grant eligibility, including the types of projects that qualify for funding.

The bill also specifies the maximum grant amounts available for various project-related expenses, including job creation, public consultations, sustainability features, and technical assistance. An annual report will be submitted to the Governor and Legislature detailing the grants awarded, the types of projects funded, and the jobs created as a result. Additionally, the bill expresses the Legislature's intent to appropriate $46.5 million annually from the General Fund to support the program and allows the department to adopt necessary rules and regulations for implementation. The act is set to take effect immediately upon passage due to the declaration of an emergency.