This bill mandates the establishment of an advisory committee for districts utilizing tax increment financing. It amends existing laws to require that the urban renewal agency's board of commissioners includes at least five members, specifically incorporating representatives from the county or consolidated city-county government and a school district whose boundaries overlap with the urban renewal area. The bill also stipulates that before adopting a tax increment financing provision, municipalities must notify relevant local entities and allow for public consultation regarding the potential impacts.

Additionally, the bill introduces a requirement for local governments that adopt tax increment financing provisions to appoint an advisory committee to assist in managing the urban renewal area or targeted economic development district. This committee must include representatives from overlapping jurisdictions, such as incorporated cities, counties, and school districts. However, it specifies that urban renewal areas administered by certain agencies are exempt from this advisory committee requirement. The bill also includes a transition provision for the appointment of commissioners to ensure compliance with the new representation requirements.

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(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: 7-15-4234, 7-15-4282