Bill > S1189

This bill aims to improve the local infrastructure development program. It makes several key changes to the existing law: 1. It allows the establishment of a development zone to be initiated by a petition signed by owners of 51% of the land area or assessed value of real estate within the proposed zone. The petition must include details like the zone boundaries, improvement plans, and funding sources. 2. It requires the municipal governing body to hold a public hearing on the petition within 120 days and provide written notification to property owners and tenants, as well as publish the hearing details in local newspapers. 3. It sets a 35-year expiration period for the development zone, unless it is abolished earlier in accordance with the new Section 12. 4. It adds an exemption from infrastructure assessments for residential units at or below 100% of the Area Median Income (AMI). 5. It outlines the process for enlarging an existing development zone and abolishing a zone altogether, both of which require petitions from a majority of landowners and public notice/hearing procedures. The overall goal of the bill is to streamline the establishment, expansion, and termination of local infrastructure development zones, while also providing some protections for affordable housing within these zones.