SB 460
Establishes the Community Investment Corporation Development Act
Sponsor:
May
LR Number:
2140S.01I
Committee:
Last Action:
2/2/2021 - S First Read
Journal Page:
Title:
Calendar Position:
60
Effective Date:
August 28, 2021

Current Bill Summary

SB 460 - This act establishes the "Community Investment Corporation Development Act", which creates the Community Investment Corporation Development Commission within the Department of Revenue. The Commission shall consist of eleven members to be appointed by the Governor, with the advice and consent of the Senate.

The Commission shall gather information and make annual reports to the Governor and the General Assembly regarding the establishment and operation of community investment corporations. The act defines community investment corporations as a for-profit, citizen-owned, professionally managed real estate planning and development corporation or land cooperative that may receive title to land, natural resources, physical infrastructure, or facilities donated by a not-for-profit organization or government entity; borrow money on behalf of its shareholders for the purposes of carrying out the mission of the corporation, and enable each citizen whose principal residence is situated in an area for which future development will be controlled by a community investment corporation to acquire, free as a right of citizenship, an equal, lifetime, non-transferable, private property ownership stake in the development of the area, as described in the act.

Annual reports submitted by the Commission shall include recommendations on policies relating to the creation and operation of community investment corporations, related tax reforms, studies, assistance to local communities, applying for and accepting private funds, and annual financial accounting reports, as described in the act.

Subject to appropriation, the Department of Economic Development shall develop and maintain a program to make grants to communities seeking to establish community investment corporations and encourage them to become self-sustaining from land rentals and other fees within the first five years of their formation. The Commission shall seek funding from local, state, federal, and private sources to make grants and loans and otherwise enhance the development of community investment corporations. Funds received pursuant to this act shall be deposited into the Community Investment Corporation Fund, which is created by the act.

JOSH NORBERG

Amendments

No Amendments Found.