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2007 SESSION

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HB 1974 Economic revitalization zone; created.

Introduced by: William H. Fralin, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Economic revitalization zone. Allows any city, by ordinance, to establish one or more economic revitalization zones for the purpose of providing incentives to private entities to purchase real property and interests in real property to assemble parcels suitable for economic development. Each city establishing an economic revitalization zone may grant tax incentives and provide regulatory flexibility. Properties that are acquired through the use of eminent domain shall not be eligible for the incentives and regulatory flexibility provided by the ordinance.


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