Redevelopment project property would receive tax exemptions for up to twenty years

The text would exempt certain redevelopment project interests from property taxes for up to twenty years. The text covers lessees of projects authorized under the Metropolitan Redevelopment Code and, for projects acquired or held on or after January 1, 1986, owners of a substantial beneficial interest in the project property. For projects acquired or held by a municipality before January 1, 1986, the exemption applies only while bonded debt remains outstanding and cannot exceed twenty years from the municipality's first lease. The act would apply only to leases signed on or after its effective date. For projects acquired or held on or after January 1, 1986, the exemption would run through December 31 of the year the twentieth anniversary of the municipality's acquisition occurs.

Certain lessees and owners would make annual payments to the county based on specified taxes and assessments. This applies to project property acquired by a local government under the Metropolitan Redevelopment Code on or after January 1, 1986. Payments would apply when the property would otherwise owe taxes but for the listed exemption. Benefit assessments would count only if authorized by law and calculated based on property value. Payments would run from the local government's acquisition of the property through December 31 of the year its twentieth acquisition anniversary occurs.