AN ACT relating to fiscal matters.
What changed between versions
Bill title changed from 'relating to development areas' to 'relating to fiscal matters'
Definition of 'Agency' expanded to include nonprofit corporations and designated departments within consolidated local governments or first-class cities
Definition of 'Development area' retained but with bracketed text indicating potential deletions regarding minimum square mile requirements
New definition for 'Pilot program' added with specific duration requirements of 20 years with potential 25-year extension
New distinction created between 'Existing development area' (established before March 23, 2027) and 'New development area' (created within existing areas)
Effective date references changed from March 23, 2007 to March 23, 2007 for existing areas, with new provisions for areas established prior to March 23, 2027
Funding requirements modified to require at least 10% of increment payments to be paid to the agency for which the existing development area was established
New requirement added that payment to agency shall not be taken into account when determining whether thresholds within the contract have been met
Approval process for amending existing development area projects updated to include additional stakeholders including the insurer of bonds issued for the agency