§ 2797 - Property assessment fund; brownfields and redevelopment; competitive program
§ 2797. Property assessment fund; brownfields and redevelopment; competitive program
(a) There is created a property assessment fund pursuant to subchapter 5 of chapter 7 of Title 32 to be administered by the department of housing and community affairs for the purpose of providing financing, on a competitive basis, to municipalities that demonstrate a financial need in order to determine and evaluate a full assessment of the extent and the cost of remediation of property, or in the case of an existing building, an assessment that supports a clear plan, including the associated costs of renovation to bring the building into compliance with state and local building codes.
(b) The fund shall be composed of the following:
(1) State or federal funds that may be appropriated by the general assembly.
(2) Any gifts, grants, or other contributions to the funds.
(3) Proceeds from the issuance of general obligation bonds.
(c) A municipality deemed financially eligible may apply to the fund for the assessment of property and existing buildings proposed for redevelopment, provided the department finds that the property or building:
(1) Is not likely to be renovated or improved without the preliminary assessment.
(2) When renovated or redeveloped, will integrate and be compatible with any applicable and approved regional development, capital, and municipal plans; is expected to create new property tax if developed by a taxable entity; and is expected to reduce pressure for development on open or undeveloped land in the local community or in the region.
(d) The department shall distribute funds under this section in a manner that provides funding for assessment projects of various sizes in as many geographical areas of the state as possible and may require matching funds from the municipality in which an assessment project is conducted. (Added 2003, No. 121 (Adj. Sess.), § 49, eff. June 8, 2004.)