SB 927 - Under this act, a county or any municipality may carry out technology business facility projects for economic development, accept grants related to technology business facility projects, and receive gifts and donations from private sources to be used for technology business facilities.
This act defines technology business facilities as facilities that are purchased, constructed, extended or improved for the purpose of engaging in wired telecommunications carriers, data processing, hosting, and related services, or internet publishing and broadcasting and web search portals.
A municipality may enter into loan agreements, and sell, lease, or mortgage property to private persons for development of a technology business facility project. The municipality may forego monetary compensation if it believes this will result in economic value for the municipality.
Lease and rental transactions for business facility projects are exempt from sales and property taxes. A municipality may sell or dispose of technology business facility property. The terms of any sale shall be established by the governing body of the municipality to protect its economic well-being. A person who transfers property to the municipality for purposes of a technology business facility project and does not charge a purchase price retains a right to have the municipality retransfer the donated property to them at no cost.
This act is identical to HB 872 (2015).