The legislative bill known as SF No 227 is designed to boost economic development by setting up a new program called the Tax-Stressed Cities Demolition Grant Program. This bill, if passed, would help cities that are financially strained with the costs associated with demolishing old, unsafe buildings. Key points of the bill include:

1. Definition of Tax-Stressed City: This refers to cities that have a high property tax rate, specifically over 1.25% of their net tax capacity.

2. Qualifying Properties: These are properties within the tax-stressed cities that have been vacant for more than a year, are not on the National Historic Register, and pose a safety threat due to their poor condition.

3. Grant Provision: The program would cover 50% of the demolition costs for eligible properties, requiring the city to find the remaining funds from non-state sources.

4. Application Process: Cities or their development authorities must apply to receive grants, with the need for approval by a municipal resolution. Applications must include detailed cost estimates and evidence of both the property’s eligibility and the city's financial need.

5. Account Creation: The bill proposes the creation of a specific account in the state’s special revenue fund to manage and disburse money for this program.

6. Priority Grants: Applications will be prioritized based on the financial need and the level of public safety threat posed by the property.

7. Funding: An amount of $2,246,000 is set for appropriation for fiscal years 2026 and 2027 to support this program.

8. Reporting: The commissioner must report annually to the legislature about how the funds are being used and the impacts of the program.

Overall, the intention behind this bill is to help ease financial pressures on tax-stressed cities by aiding in the demolition of dilapidated buildings, thereby paving the way for new development and economic improvement.