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SPONSOR: |
Stewart |
DATE TYPED: |
|
HB |
HJM 111 |
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SHORT TITLE: |
Redevelopment Task Force |
SB |
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ANALYST: |
Collard |
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APPROPRIATION
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
||
FY03 |
FY04 |
FY03 |
FY04 |
|
|
|
NFI |
|
|
|
|
(Parenthesis
( ) Indicate Expenditure Decreases)
Responses
Received From
State
Investment Council
Economic
Development Department
Responses
Not Received From
Department
of Finance and Administration
Governor’s
Office
SUMMARY
Synopsis
of Bill
House Joint Memorial
111 requests the Governor to create a task force on redevelopment. Specifically, the task force would be led by the
economic development department, the department of finance and administration
and the governor’s office of planning.
The task force would also include “representation from the real estate
development industry, the finance industry, a statewide smart growth advocacy
organization, redevelopment staff and a nonprofit organization with experience
in redevelopment projects. The purpose
of the task force is to study and make recommendations for a provision to use
the severance tax permanent fund as a financial guarantee for real estate
development in redevelopment areas.
FISCAL IMPLICATIONS
There is no
appropriation associated with this memorial.
ADMINISTRATIVE IMPLICATIONS
The State Investment
Council indicates minimal commitment, as the memorial is written. Additionally, the Economic Development
Department notes there is no department assigned to lead the task force, making
it hard to comment on the implications.
TECHNICAL ISSUES
A definition of “real estate development” and
“redevelopment areas” is needed.
OTHER SUBSTANTIVE ISSUES
The State Investment
Council indicates since it has fiduciary responsibility for the investment of
the Severance Tax Permanent Fund, it would seem appropriate for the council to
be represented on the task force.
POSSIBLE QUESTIONS
KBC/njw