This bill amends section 18-2147 of the Revised Statutes Cumulative Supplement, 2024, concerning the Community Development Law, specifically focusing on the notice provisions related to the division of ad valorem taxes in redevelopment projects. The bill introduces a requirement that all notices regarding the division of ad valorem taxes must be sent by the authority to the county assessor on or before July 1 of the year the provision becomes effective, replacing the previous deadline of August 1. Additionally, it stipulates that failure to meet this notice requirement will result in the taxes remaining undivided and being allocated to the respective public bodies, while the redevelopment project valuation for future tax divisions will be based on the last certified valuation prior to the effective date.

Furthermore, the bill outlines the allocation of funds generated from ad valorem taxes for redevelopment projects, emphasizing the importance of supporting housing for low-income households. It mandates that at least thirty percent of the funds produced from such taxes be allocated to single-family housing projects related to the redevelopment plan. The bill also establishes different timeframes for the division of ad valorem taxes based on the classification of the redevelopment area, with a maximum of twenty years for extremely blighted areas and fifteen years for others. The original section 18-2147 is repealed, and the act is declared to take effect immediately due to the existence of an emergency.

Statutes affected:
Introduced: 18-2147
Final Reading: 18-2147
Slip Law: 18-2147