Bill > HB1681

This bill revises various provisions of the Real Estate Infrastructure Development Act of 2025, which governs how infrastructure development districts are established and managed in Tennessee. Key changes include clarifying that existing laws regarding central business improvement districts remain in effect, allowing for joint or separate public hearings when multiple municipalities are involved in establishing a district, and specifying that the maximum term for bonds issued to fund infrastructure development is thirty years, with provisions for multi-phase projects. The bill also clarifies the definition of a "host municipality" to include counties in certain situations and expands the options for administering these districts, allowing municipalities to delegate responsibilities to other municipalities or outside professional administrators, with costs for such administration to be paid from special assessment revenues. Furthermore, it mandates that special assessments collected by a district cannot be used to pay off debt until all other real property taxes, penalties, and interest are paid in full, and outlines procedures for handling delinquent special assessments, aligning them with those for ad valorem real property taxes. Finally, the bill establishes that districts will be dissolved no later than thirty years after the last assessment is levied, or earlier if a petition is filed by property owners or all outstanding debt obligations are paid.