SB 2315 - NYU Furman Center

State Land Use Enacted Legislation

Bill #	State	Year	Party	Topic
SB 2315	TN	2023	R

Provided by Furman

Summary

Creates a procedure for municipalities to establish independent special districts to fund capital infrastructure through levy and collection of special assessments.
Requires certain processes for districts to be approve:

Attain sign-off to create a special district by developer by the majority of real property owners in district and all owners of each residential property in the district.
The governing body must order a public hearing to determine whether the infrastructure development district will be established.

Outlines procedure for filing petition to establish the district with the local office of the clerk.
Requires the district to meet certain criteria:

The District must contemplate cost of development of $5 million or greater.
At least one half of the district area must be used for housing.

Allows municipalities to use future revenues from districts to borrow money or issue bonds for the purpose of paying infrastructure costs. Limits maximum term of bonds to fund the costs of infrastructure to 30 years.
Allows municipalities to levy special assessments against all properties located within the district within the bounds of the municipality for the purposes of infrastructure costs, administrative expenses related to establishing/maintaining the district, or paying off debt or bonds taken related to the district.

Provided by lawmakers

Bill Title

Relating to Residential Development Districts - Residential Infrastructure Development Act of 2024 - Authorize procedure to establish independent special districts to fund capital infrastructure through levy and collection of speical assesments