Bill > SB1766

This bill revises various provisions of the Real Estate Infrastructure Development Act of 2025, which governs the creation and management of districts designed to fund infrastructure development. Key changes include clarifying that existing laws regarding central business improvement or infrastructure development 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 or debt obligations issued to fund infrastructure is thirty years, with provisions for multi-phase projects. The bill also clarifies how special assessments, which are fees levied on property within a district to fund improvements, can be used to cover administrative costs, and establishes that districts will be dissolved no later than thirty years after the last assessment is levied or upon the full payment of all debt obligations secured by those assessments. Additionally, it refines the definition of a "host municipality" (the local government responsible for the district) and outlines how the administration of a district can be managed, including delegation to other municipalities or outside professional administrators, with specific rules about payment priorities and collection procedures to ensure that real property taxes are paid before special assessments. Finally, it mandates that delinquency proceedings for special assessments will follow the same procedures as those for real property taxes.