Local Government, General - As enacted, establishes the "Residential Infrastructure Development Act of 2024." - Amends TCA Title 7, Chapter 84; Title 9, Chapter 21; Title 66, Chapter 5 and Title 67.

This enacted bill, known as the Residential Infrastructure Development Act of 2024, creates a new legal framework for local governments in Tennessee to form independent special districts specifically for residential development. These districts allow municipalities and counties to fund and finance necessary infrastructure projects, such as roads, utilities, and public land, by levying special assessments directly on the properties within the district boundaries. The legislation provides a uniform procedure for establishing these districts and collecting funds, offering an alternative to existing methods like special improvement districts or general tax levies. By creating a separate authority for residential projects, the act ensures that developers and property owners in growing areas can share the costs of new infrastructure without overburdening the broader taxpayer base.