Authors: Senator Randall Head, Senator James Buck
Co-authors: Senator John Broden, Senator Lonnie Randolph
Sponsors: Representative David Wolkins
Provides that a redevelopment commission may, subject to prior approval by the unit's fiscal body, provide financial assistance to the owner of commercial property within a redevelopment project area or economic development area designated by the redevelopment commission to assist the owner in constructing, rehabilitating, or repairing the commercial property. Provides that the additional authority for a redevelopment commission to provide such financial assistance expires July 1, 2019. Specifies that the fiscal body of the unit that established the redevelopment commission must separately approve each grant, loan, or other expenditure for such financial assistance. Provides that the terms of any loan made under the provisions in the bill may be changed only if the change is approved by the fiscal body of the unit that established the redevelopment commission. Specifies that these provisions do not apply to Clark County or to a redevelopment commission in Clark County. Specifies the procedure for fiscal body approval under these provisions in the case of a redevelopment commission that was jointly established by more than one unit.