The bill aims to provide impacted taxing districts with the option to allocate a portion of their new revenue to support tax increment areas within their jurisdiction. It also clarifies that a tax increment area must be dissolved once all bond obligations are fulfilled. Key amendments include the addition of funding for mitigation to impacted taxing districts as part of public improvement costs, and the requirement for local governments to negotiate mitigation plans with affected public hospital districts and fire protection districts if the project analysis indicates significant impacts on assessed values.

Additionally, the bill introduces new procedural requirements for local governments when designating increment areas, such as providing written notice to taxing districts at least 90 days prior to submitting project analyses and holding public briefings to inform the community about the proposed projects. It also mandates that local governments must consider the impacts on various services, including public hospital and emergency medical services, and outlines a process for arbitration if mitigation agreements cannot be reached.

Statutes affected:
Original Bill: 39.114.020, 39.114.050
Substitute Bill: 39.114.010, 39.114.020, 39.114.040, 39.114.050
Second Substitute: 39.114.010, 39.114.020, 39.114.040, 39.114.050
Engrossed Second Substitute: 39.114.010, 39.114.020, 39.114.040
Bill as Passed Legislature: 39.114.010, 39.114.020, 39.114.040
Session Law: 39.114.010, 39.114.020, 39.114.040