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.

Previously Filed As

KS SF5254

Brooklyn Park special authority provision related to property taxes, tax increment financing, and sales and use taxes for certain projects

KS HF5194

Brooklyn Park; special authority and provisions related to property taxes, tax increment financing, and sales and use taxes for projects provided; special tax increment financing authority provided; special property tax abatement authority provided; value capture district establishment authorized; and money appropriated.

KS HB06527

An Act Concerning Tax Incremental Financing In Enterprise Corridor Zones, Tax Incremental Financing In Municipal Development Zones, And Allowing Certain Commercial Properties In Bristol And Plainville To Qualify For Enterprise Zone Benefits.

KS SB01114

An Act Concerning The Governing Board Of The Harbor Point District And An Expansion Of Tax Incremental Financing.

KS SB00677

An Act Establishing Tax Increment Financing Districts.

KS HB1064

Further providing for definitions, for creation of tax increment districts and approval of project plans and for financing of project costs.

KS HB359

Further providing for definitions, for powers of authorities, for creation of tax increment districts and approval of project plans and for financing of project costs.

KS SB874

Allows school districts to remove certain property from tax increment financing districts

KS SB306

Allows school districts to remove certain property from tax increment financing districts

KS SB1210

Allows school districts to remove certain property from tax increment financing districts

Similar Bills

HI SB3008

Proposing Amendments To Article Vii, Sections 12 And 13, Of The Hawaii Constitution To Expressly Provide That The Legislature May Authorize The Counties To Issue Tax Increment Bonds And To Exclude Tax Increment Bonds From Determinations Of The Funded Debt Of The Counties.

HI SB1295

Proposing Amendments To Article Vii, Sections 12 And 13, Of The Hawaii Constitution To Expressly Provide That The Legislature May Authorize The Counties To Issue Tax Increment Bonds And To Exclude Tax Increment Bonds From Determinations Of The Funded Debt Of The Counties.

HI SB1295

Proposing Amendments To Article Vii, Sections 12 And 13, Of The Hawaii Constitution To Expressly Provide That The Legislature May Authorize The Counties To Issue Tax Increment Bonds And To Exclude Tax Increment Bonds From Determinations Of The Funded Debt Of The Counties.

MT SB523

Generally revise tax increment financing laws

HI SB3051

Proposing Amendments To Article Vii, Sections 12 And 13, Of The Hawaii Constitution To Expressly Provide That The Legislature May Authorize The Counties To Issue Tax Increment Bonds And To Exclude Tax Increment Bonds From Determinations Of The Funded Debt Of The Counties.

HI HB2362

Proposing Amendments To Article Vii, Sections 12 And 13, Of The Hawaii Constitution To Expressly Provide That The Legislature May Authorize The Counties To Issue Tax Increment Bonds And To Exclude Tax Increment Bonds From Determinations Of The Funded Debt Of The Counties.

HI HB997

Proposing Amendments To Article Vii, Sections 12 And 13, Of The Hawaii Constitution To Expressly Provide That The Legislature May Authorize The Counties To Issue Tax Increment Bonds And To Exclude Tax Increment Bonds From Determinations Of The Funded Debt Of The Counties.

HI HB997

Proposing Amendments To Article Vii, Sections 12 And 13, Of The Hawaii Constitution To Expressly Provide That The Legislature May Authorize The Counties To Issue Tax Increment Bonds And To Exclude Tax Increment Bonds From Determinations Of The Funded Debt Of The Counties.