SB 630 – Modifies the language relating to agreements that may be entered into by municipalities who participate in industrial development projects

• Sponsor: Wasson
• LR Number: 4477S.01I
• Committee: Economic Development
• Last Action: 1/9/2018 - Second Read and Referred S Economic Development Committee
• Journal Page: S117
• Effective Date: August 28, 2018

Current Bill Summary

SB 630 - This act modifies several provisions relating to industrial development projects.

This act modifies the definition of "facility" and "project for industrial development". "Facility" is now defined as real and personal property purchased as part of a project. "Project" is defined as the purchasing, constructing, extending, or improving a facility intended to be leased or otherwise disposed of that is used for manufacturing, commercial, warehousing, and industrial development purposes.

This act also adds a definition of "machinery" and removes the definition of "office industry".

This act is substantially similar to a provision contained in CCS/HCS/SCS/SB 11 (2017).

JOSHUA NORBERG