|Posted:||May 28, 2013 04:26 PM|
|From:||Senator Judith L. Schwank|
|To:||All Senate members|
|Subject:||Pilot City Revitalization Program|
| I will shortly introduce legislation to create a pilot economic revitalization assistance program for Second-Class A and Third-Class cities.
Under my proposal, up to 15 cities could participate in the program to be developed by the Department of Community and Economic Development, based on a specific likelihood for economic growth through the program.The program would allow funding for redevelopment of a clearly identified zone or a combination of zones, totaling not more than 100 acres, within the municipal boundaries for commercial, exhibition, hospitality, conference, retail and mixed-use purposes through public authority bonds that would be serviced by state and local tax revenues raised in the zone. The payment of the tax revenues to the state and municipality would be suspended until the bonds are retired.
Cities would be grouped by population size, with up to four cities participating in each category. The categories would be cities of more than 60,000, cities of more than 20,000 to 60,000 and cities up to 20,000. In addition, there would be a "wild card" category, permitting the inclusion of up to three additional cities of any size that meet the program criteria.
Introduced as SB1033