Bill > HB3395

This bill expands existing downtown redevelopment incentives by introducing provisions for "expanded development projects" and "expanded development areas," which are essentially extensions or modifications of existing development projects and areas. Key changes include defining new terms like "expanded development area," "expanded development plan," and "expanded development project," and incorporating these into existing sections related to the powers of authorities, disposition of real property, content of development plans, and application procedures. The bill also adjusts timelines for new applications for expanded projects, extending the deadline for applications for expanded development projects to January 1, 2037, and requiring municipalities to identify the bounds of their expanded development areas by December 31, 2030. It clarifies that expanded development projects can include "retained jobs" in addition to new jobs for certain tax increment calculations and allows for higher percentages of state income and sales tax increments for these expanded projects under specific conditions, aiming to encourage further revitalization and economic development in downtown areas.