This bill focuses on changing the laws related to tax increment financing (TIF), specifically in how redevelopment districts are defined and managed. Key aspects of the bill include modifying the requirements for areas to qualify as redevelopment districts, shortening the duration limits for these districts, and repealing certain existing statutes. Here’s how the bill changes the existing legal framework:

1. Definition of Redevelopment District: The bill amends the criteria for an area to be recognized as a redevelopment district. It sets specific conditions that must be present in the district, such as:

   • At least 70% of the area being occupied by structures like buildings or parking lots with more than 50% of these buildings being structurally substandard needing substantial renovation or clearance.
   • Inclusion of underused infrastructure such as rail yards or tank facilities.
   • Conditions like overcrowding, incompatible uses, or buildings that are obsolete.

2. Structural Standards: The bill details what constitutes a structurally substandard building, focusing on defects that justify substantial renovations or clearance due to inadequate utilities, fire protection, or interior layouts. Buildings that can be brought up to code at a cost of less than 15% of constructing a new similar building are not considered substandard.

3. Redevelopment Qualifications for Parcels: A parcel qualifies as containing a structurally substandard building if:

   • It was within three years of the request for district certification.
   • Demolition or removal of substandard structures was linked to redevelopment plans.
   • Such action was documented and pre-approved through a resolution by the redevelopment authority.

4. Documentation and Inspections: The bill emphasizes the need for proper documentation and possible interior inspections to support claims of substandard conditions. If interior inspections cannot be conducted, other evidence such as recent inspections or property appraisals can be used to justify redevelopment.

5. Area Requirements for Districts: It clearly states that for a district containing non-contiguous areas, each area must individually meet criteria for being part of a redevelopment district.

Overall, these changes seem aimed at tightening the eligibility requirements for redevelopment districts, ensuring that areas truly in need of redevelopment receive attention while potentially speeding up the time frames for these projects by shortening the duration limits of TIF districts. Additionally, specific existing statutes that perhaps no longer align with current redevelopment goals or practices are repealed to streamline the legal framework.