SB 491 - This act allows the governing body of any municipality to enter into loan agreements, or sell, lease, or mortgage municipal property to private entities for the development of a technology business facility project. Transactions involving the lease or rental of such properties shall be exempt from state and local sales taxes and any leasehold interests on such properties shall not be subject to property taxes. The act also allows municipalities to sell or otherwise dispose of municipal property to private entities for technology business facility projects provided that the terms and methods utilized reasonably protect the economic well-being of the municipality. Any private entity which transfers property to the municipality for purposes of a technology business facility project shall reserve the right to request that the municipality transfer such property back to the entity at no cost.
This act is identical to SB 273 (2017), SB 927 (2016), and HB 2065 (2016), and to a provision contained in SB 343 (2015), and is substantially similar to HB 1444 (2014) and to a provision contained in HCS/HB 497 (2015,) HB 872 (2015), HB 1498 (2014), HB 1501 (2014), HB 1502 (2014), SB 633 (2014), and HCS#2/SCS/SB 777 (2014).
JOSHUA NORBERG