Summary
Bill 24-1172 creates a process for counties to establish a revitalization authority. A county revitalization authority is a corporate body that uses tax increment and private financing to create and implement a county revitalization project through a revitalization plan. Before commencing a revitalization project, the county must designate an area as a revitalization area at a public hearing. A revitalization area is a segment of a county that could improve the overall health, safety, wellness, and growth of the county as a whole upon implementation of a revitalization plan there. If this bill passes, county revitalization authorities would have numerous powers and abilities, including the power to rezone or replan property in a revitalization zone, the power of eminent domain, and the ability to issue bonds and make relocation payments to families displaced by a revitalization authority.