Bill > SB1760

This bill allows certain government agencies, such as housing authorities, industrial development corporations, and community redevelopment agencies (referred to as "tax increment agencies"), to enter into agreements with property owners in designated redevelopment areas. These "taxpayer agreements" require property owners to make payments to help secure bonds or other financial obligations of the agency. Importantly, these agreements, once recorded in the county's real property records, create a "taxpayer agreement lien" that has the highest priority, meaning it is superior to all existing and future mortgages and other liens, and is treated similarly to property taxes for collection purposes. The bill also defines "taxpayer direct payment" as the difference between debt service payments on agency bonds and the actual tax revenues generated to cover those payments, and clarifies that these liens run with the land and are not extinguished by foreclosure of a property tax lien, with specific provisions for notification to county officials and the involvement of a third-party bond trustee for enforcement.