Brief(1)
S.B. 672 would cause the 20-year period allowed for the financing of a tax increment financing project to be triggered by transmittal of a redevelopment plan, or revised plan submitted under conditions specified below, to the county in which the redevelopment district is located. Under existing law, the 20-year period is triggered by the creation of a redevelopment district.
The bill would authorize the City of Topeka to adopt an ordinance to revise a previously approved but dormant redevelopment plan for an area, which includes a portion of the land under the jurisdiction of the Capital Area Plaza Authority. The bill would require the city's ordinance to revise the project areas of the previously adopted plan into separate stages; fix a date of completion for each stage; and adopt, by reference, a revised plan containing information specified in the bill.
The bill would take effect upon publication in the Kansas Register.
Background
S.B. 672 was requested by the City of Topeka to enable the city to revise and activate a plan for a tax increment financing project which had been dormant due to litigation which was ultimately terminated in 1997. The effect of the bill would be to enable the city to proceed with the tax increment financing project without having to repeat several procedures associated with submittal of a new redevelopment plan. Existing law makes no provision for submittal of a revised plan. The authorization to submit a revised plan, coupled with the proposed triggering mechanism for project financing tied to submittal of the revised plan, would have the effect of allowing the city the full 20 years to implement and finance its project. In addition, the bill would allow any city to complete its tax increment financing project within 20 years of the date the redevelopment plan is submitted to its respective county. The Mayor of Topeka testified in support of the bill.
The Senate Committee on Commerce amended the bill, at the city's request, to better realize the city's intent. Another Committee amendment was technical.
The Division of the Budget's fiscal note indicates the bill would have no fiscal impact.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext-bill.html.