SB 887 - This act requires municipalities to provide additional notice about industrial development projects.

Current law provides definitions related to industrial development projects. New definitions are given for "revenue bonds" and "taxing district" (Section 100.010).

Current law requires any municipality which desires an industrial development project to prepare plans. This act requires the municipality to prepare a written plan first that sets forth the activities the municipality will undertake. Any plan involving the issuance of revenue bonds or conveyance of a property interest to the municipality must be approved by a majority of its governing body. Prior to approval, the municipality must supply each taxing district with a copy of the plan and must accept comments (Section 100.040).

Under current law, certain information must be included in the plan. After approval by majority vote in Section 100.040, this act requires the municipality to approve a specific plan by ordinance that is consistent with that which was approved by vote. Additional information must be included in any plan involving the issuance of revenue bonds or the conveyance of property to the municipality (Section 100.050).

A new section lists specific requirements for projects involving the issuance of revenue bonds or property conveyance to a municipality. The governing body must provide written hearing notices to taxing districts, written statements of impact on property, hold public hearings, and give notice of changes to the plan. The notice of hearing must be given within 15 days before the hearing and must include specific information. Notice of the plan must be provided to taxing districts at least 30 days before the public hearing and comments must be solicited (Section 100.162).

Current law requires municipalities to file a report with the Department of Economic Development. This act requires municipalities to include a list of any property purchased with bond proceeds in the report. If a municipality undertakes a project involving the issuance of revenue bonds or conveyance of property, then it must provide a report to affected taxing districts (Section 100.105).
ERIN MOTLEY