Bill > HB2529

This bill amends the STAR (Sales Tax and Revenue) bond financing act in several ways: 1. It adds "rural redevelopment projects" and "major business and medical facilities" as eligible areas for STAR bond projects, which must have at least $75 million in capital investment and projected gross annual sales. 2. It increases certain project investment and sales requirements, adds a return on investment analysis and other requirements and approvals by the secretary of commerce, and extends the sunset date for the STAR bond program from 2020 to 2025. 3. It requires feasibility studies for STAR bond projects to be conducted by economic consultants approved by the secretary, with the secretary having control and oversight authority. 4. It adds new requirements for the feasibility study, including a visitor tracking plan, economic impact study, and net return on investment analysis. 5. It allows rural redevelopment projects to be financed without issuing special obligation bonds. 6. It places restrictions on the transfer of real property acquired with STAR bond proceeds, requiring advance approval from the secretary. Overall, the bill aims to provide more state oversight and analysis of STAR bond projects, while expanding the eligible project types and extending the program's sunset date.