Bill > HB5395

This bill amends the Brownfield Redevelopment Financing Act to modify several provisions related to brownfield redevelopment and tax increment financing. The bill expands the definition of eligible activities for brownfield redevelopment, specifically adding new provisions that allow authorities to use tax increment revenues for property acquisition costs under certain circumstances. Key changes include allowing authorities to capture tax increment revenues for a period of 20 to 30 years, expanding the types of activities that can be funded through brownfield plans, and providing more flexibility for land bank authorities and local governments in managing and developing eligible properties. The bill also makes technical changes to how tax capture revenues are calculated, particularly for transformational brownfield plans, and provides additional guidance on administrative and operating expenses that can be funded through these plans. The modifications aim to encourage economic development, environmental remediation, and property reuse by providing more comprehensive financial tools for local authorities to address blighted or underutilized properties.