Introduced
by
To allow Downtown Development Authorities to make below-market loans to subsidize improvements to buildings in a downtown area to make them marketable for sale or lease. The subsidies would paid for with the tax revenue “captured” from other local taxing authorities that funds DDAs.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
Referred to the Committee on Commerce
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Substitute offered
by
To adopt a version of the bill that contains requirements and conditions for the retail business “incubators” proposed in Senate Bill 970.
The substitute passed by voice vote
Passed in the House 107 to 0 (details)
To allow Downtown Development Authorities to make below-market loans to subsidize improvements to buildings in a downtown area to make them marketable for sale or lease. The subsidies would paid for with the tax revenue “captured” from other local taxing authorities that funds DDAs. Also, to allow DDAs to establish and fund retail business “incubators,” which would essentially be buildings owned and operated by a DDA and rented at below-market rates to particular private retailers selected by the DDA board. These government-owned operations and subsidies would also be paid for with “captured” tax revenue.
Passed in the Senate 37 to 0 (details)
To concur with the House-passed version of the bill.
