21RS SB 100

Senate Bill 100

Actions

Last Action	02/23/21: to Committee on Committees (S)
Title	AN ACT relating to property in a development area.
Bill Documents	Introduced
Fiscal Impact Statement	Local Mandate
Bill Request Number	1553
Sponsors	R. Stivers, G. Neal, M. McGarvey
Summary of Original Version	Create new sections in KRS Chapter 65 to state findings and declaration of the General Assembly for the development area; define terms; establish the West End Opportunity Partnership, its powers and duties and purpose; require the West End Opportunity Partnership to comply with open meetings and open records requirements; require the West End Opportunity Partnership to reimburse real property taxes; establish the board and membership requirements; require a local participation agreement and specify provisions of the agreement; establish requirements pertaining to documentation, records, incremental revenues, and bonds; require reporting of the West End Opportunity Partnership to the Interim Joint Committee on Appropriations and Revenue; establish the West End Louisville Advisory Council and its members and duties; create a new section in KRS Chapter 132 to establish the classification of residential property in a revitalization area; define terms; and prohibit the legislative body of a consolidated local government from levying an ad valorem tax rate on residential property in a revitalization area that is higher than 50 percent of the prevailing rate of other real property located in its jurisdiction; EFFECTIVE only if 2021 Regular Session Bill Request Number 850 becomes law.
Index Headings of Original Version	Economic Development - West End Opportunity Partnership, nonvoting ex-officcio board membership Governor - West End Opportunity Partnership, board membership appointment Taxation - Property tax, residential property in a revitalization area, fifty percent tax rate limitation Taxation - West End Opportunity Partnership, incremental tax revenues Taxation, Income--Individual - West End Opportunity Partnership, incremental tax revenues Taxation, Property - Residential property in a revitalization area, fifty percent tax rate limitation Taxation, Property - West End Opportunity Partnership, incremental tax revenues Taxation, Sales and Use - West End Opportunity Partnership, incremental tax revenues Universities and Colleges - West End Opportunity Partnership, board membership appointment Consolidated Local Governments - Residential property in a revitalization area, real property tax rate levy, fifty percent limitation Consolidated Local Governments - West End Opportunity Partnership, board membership appointment Consolidated Local Governments - West End Opportunity Partnership, incremental tax revenues Banks and Financial Institutions - West End Opportunity Partnership, board membership appointment Charitable Organizations and Institutions - West End Opportunity Partnership, board membership appointment Boards and Commissions - West End Louisville Advisory Council Boards and Commissions - West End Opportunity Partnership Local Mandate - West End Opportunity Partnership, incremental tax revenues