AN ACT relating to special districts.
What changed between versions
Added new definitions for key terms including 'Developer', 'District', 'Establishing ordinance', 'Infrastructure', 'Infrastructure costs', 'Initiating petition', 'Local government', 'Owner', and 'Special assessment'.
Established eligibility criteria requiring districts to be at least 5 acres, require at least $5 million in capital costs, and have more than 50% of space dedicated to residential housing.
Created a new process requiring developers and property owners to sign an initiating petition that must include specific information about the project, infrastructure needs, and proposed assessment rates.
Set a 90-day timeline for local governments to approve or deny petitions after receipt, with requirements for public hearings and mailed notices to property owners.
Changed the funding mechanism from general special districts to a special assessment system specifically for infrastructure costs, including land valuation at developer cost or appraised value, whichever is higher.