KS
Kansas Senate Bill SB497

Kansas 2023-2024 Regular Session

Kansas Senate Bill SB497

Introduced
2/9/24  
Refer
2/12/24  

Caption

Establishing the Pike reservoir project district act to provide for a lake and related commercial and residential development in Bourbon county and authorizing a governing board and sales and property tax increment financing for such project.

Impact

The bill's implementation is expected to significantly impact state laws related to economic development. It authorizes the establishment of a governing board which will manage the project district and oversee the financing mechanisms. This governance structure is designed to streamline project development processes by allowing for the allocation of tax revenues to be directly linked to the increment generated within the district, thus enhancing local control over financial resources. Notably, this could encourage increased investment in the area, while ensuring that a portion of taxes collected from business activities is reinvested back into the community.

Summary

Senate Bill 497, titled the Pike Reservoir Project District Act, aims to establish a governing framework for creating a project district to facilitate the development of a dam and lake, alongside adjacent residential and commercial properties in Bourbon County. The act outlines provisions for financing through real property and sales tax increment financing, creating special funds to support project costs. It reflects legislative intent to enhance economic development in the region by optimizing the use of local resources for public and commercial benefits.

Contention

Despite its potential benefits, the bill does raise concerns around the implications of tax increment financing strategies. Critics may argue that such financing methods can disproportionately affect existing residents and businesses, as they may rely on tax revenues that would otherwise be allocated to broader public services. The bill also establishes a framework for potential displacement policies, which could further complicate its reception among community stakeholders. Discussions will likely center on balancing the economic aspirations fostered by this legislation with the need to ensure equitable treatment of current residents and adherence to community needs.

Latest SB497 Activity

Companion Bills

No companion bills found.

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