Bill > HB1892

This bill allows certain government entities, like housing authorities or industrial development corporations, to enter into "taxpayer agreements" with property owners within designated redevelopment areas. These agreements require property owners to make specific payments, called "taxpayer direct payments," which are the difference between debt service payments on bonds issued for improvements and the actual tax revenue generated in the area. These agreements, when recorded in county real property records, create a "taxpayer agreement lien" that has first priority over all other existing or future liens, including mortgages, and is treated similarly to property taxes for collection purposes. The bill also specifies that these liens run with the land and cannot be eliminated by foreclosure of a property tax lien, and that provisions in mortgages accelerating payments due to entering such an agreement are unenforceable.