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S. 986
STATUS INFORMATION
General Bill
Sponsors: Senators Ryberg and Bryant
Document Path: l:\council\bills\gjk\20665htc06.doc
Introduced in the Senate on January 10, 2006
Currently residing in the Senate Committee on Finance
Summary: Tax Increment Financing Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/13/2005 Senate Prefiled 12/13/2005 Senate Referred to Committee on Finance 1/10/2006 Senate Introduced and read first time 1/10/2006 Senate Referred to Committee on Finance
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTIONS 5-37-40 AND 5-37-50, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO IMPROVEMENT DISTRICTS AND THE MEANS OF ADOPTING IMPROVEMENT PLANS FOR PURPOSES OF THE MUNICIPAL IMPROVEMENTS ACT OF 1999, SO AS TO DELETE AUTHORITY FOR INCLUDING FUTURE OWNER-OWNER OCCUPIED RESIDENTIAL PROPERTY IN THE IMPROVEMENT DISTRICT WITH THE OWNER'S WRITTEN PERMISSION AND TO EXTEND THIS DELETION TO AN IMPROVEMENT DISTRICT LOCATED WITHIN A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT FINANCING LAW; TO AMEND SECTIONS 31-6-20, 31-6-30, AND 31-6-80, ALL AS AMENDED, RELATING TO FINDINGS, DEFINITIONS, AND PROCEDURES FOR ADOPTING REDEVELOPMENT PLANS FOR PURPOSES OF THE TAX INCREMENT FINANCING LAW, SO AS TO REVISE DEFINITIONS APPLICABLE FOR THE TAX INCREMENTS FINANCING LAW, DELETE THE DEFINITION OF "AGRICULTURAL AREA" AND REVISE THE DEFINITIONS FOR "BLIGHTED AREA", "CONSERVATION AREA", "REDEVELOPMENT PLAN", "REDEVELOPMENT PROJECT AREA", "REDEVELOPMENT PROJECT COSTS", AND TO REVISE THE FINDINGS REQUIRED FOR THE ADOPTION OF A REDEVELOPMENT PLAN; TO AMEND SECTIONS 31-7-20, 31-7-30, 31-7-80, AND 31-7-120, ALL AS AMENDED, RELATING TO FINDINGS, DEFINITIONS, FINDINGS NECESSARY FOR A REDEVELOPMENT PROPERTY ORDINANCE, AND JOINT REDEVELOPMENT PLAN BY MUNICIPALITIES AND COUNTIES FOR PURPOSES OF THE TAX INCREMENT FINANCING ACT FOR COUNTIES, SO AS TO REVISE FINDINGS MADE FOR PURPOSES OF THE ACT, REVISE THE DEFINITIONS FOR "BLIGHTED AREA", "CONSERVATION AREA", "SPRAWL AREA", "REDEVELOPMENT PLAN", "REDEVELOPMENT PROJECT", "REDEVELOPMENT PROJECT AREA", AND "REDEVELOPMENT PROJECT COSTS", TO REVISE THE FINDINGS REQUIRED FOR THE ADOPTION OF A REDEVELOPMENT PLAN, AND REVISE THE METHOD OF ADOPTION OF JOINT REDEVELOPMENT PLANS BY MUNICIPALITIES AND COUNTIES; AND TO REPEAL SECTIONS 31-7-25 AND 31-7-130, RELATING TO FINDINGS MADE PURSUANT TO THE TAX INCREMENT FINANCING ACT FOR COUNTIES AND THE APPLICATION OF THAT ACT TO A GOVERNMENT-OWNED TELECOMMUNICATIONS SERVICE PROVIDER.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Section 5-37-40(A)(5) of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"(5) it would be fair and equitable to finance all or part of the cost of the improvements by an assessment upon the real property within the district, the governing body may establish the area as an improvement district and implement and finance, in whole or in part, an improvement plan in the district in accordance with the provisions of this chapter. However, owner-occupied residential property which is taxed or will be taxed under Section 12-43-220(c) must not be included within an improvement district unless the owner at the time the improvement district is created gives the governing body written permission to include the property within the improvement district."
B. Section 5-37-40(B) of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"(B) If an improvement district is located in a redevelopment project area created under Title 31, Chapter 6, the improvement district being created under the provisions of this chapter must be considered to satisfy items (1) through (5) of subsection (A). The ordinance creating an improvement district may be adopted by a majority of council after a public hearing at which the plan is presented, including the proposed basis and amount of assessment, or upon written petition signed by a majority in number of the owners of real property within the district which is not exempt from ad valorem taxation as provided by law. However, owner-occupied residential property which is taxed or will be taxed under Section 12-43-220(c) must not be included within an improvement district unless the owner at the time the improvement district is created gives the governing body written permission to include the property within the improvement district."
SECTION 2. Section 5-37-50 of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"Section 5-37-50. The governing body shall, by resolution duly adopted, describe the improvement district and the improvement plan to be effected therein, including any property within the improvement district to be acquired and improved, the projected time schedule for the accomplishment of the improvement plan, the estimated cost thereof and the amount of such cost to be derived from assessments, bonds, or other general funds, together with the proposed basis and rates of any assessments to be imposed within the improvement district. However, owner-occupied residential property which is taxed or will be taxed under Section 12-43-220(c) must not be included within an improvement district unless the owner at the time the improvement district is created gives the governing body written permission to include the property within the improvement district. Such resolution shall also establish the time and place of a public hearing to be held within the municipality not sooner than twenty days nor more than forty days following the adoption of such resolution at which any interested person may attend and be heard either in person or by attorney on any matter in connection therewith."
SECTION 3. A. Section 31-6-20(A) of the 1976 Code, as last amended by Act 109 of 2005, is further amended by deleting item (4.5) which reads:
"(4.5) There exists in or contiguous to many municipalities in the State large tracts of land which served the people of this State and its economy when originally developed and maintained over the generations as agricultural property, contributing food, fiber, timber, and pulpwood, and which now, in an evolving economy and amidst a much smaller, yet vastly more efficient agricultural economy, are in need of redevelopment to provide multiple uses utilizing the redevelopment tools provided in this chapter."
B. Items (3) and (5) of Section 31-6-20(A) of the 1976 Code, as last amended by Act 109 of 2005, are further amended to read:
"(3) There exist in many municipalities of this State blighted and conservation areas; the conservation areas are rapidly deteriorating and declining and may soon become blighted areas if their decline is not checked; the stable economic and physical development of the blighted areas and conservation areas is endangered by the presence of blighting factors as manifested by progressive and advanced deterioration of structures, by the overuse of housing and other facilities, by a lack of physical maintenance of existing structures, by obsolete and inadequate community facilities, and a lack of sound community planning, by obsolete platting, diversity of ownership, excessive tax and special assessment delinquencies, or by a combination of these factors; that as a result of the existence of blighted areas and areas requiring conservation, there is an excessive and disproportionate expenditure of public funds, inadequate public and private investment, unmarketability of property, growth in delinquencies and crime, and substandard housing conditions and zoning law violations in such areas together with an abnormal exodus of families and businesses so that the decline of these areas impairs the value of private investments and threatens the sound growth and the tax base of taxing districts in such areas, and threatens the health, safety, morals, and welfare of the public.
(5) The use of incremental tax revenues derived from the tax rates of various taxing districts in redevelopment project areas for the payment of redevelopment project costs is of benefit to the taxing districts because taxing districts located in redevelopment project areas would not derive the benefits of an increased assessment base without the benefits of tax increment financing, all surplus tax revenues are turned over to the taxing districts in redevelopment project areas, and all taxing districts benefit from the removal of blighted conditions, and the eradication of conditions requiring conservation measures, and the redevelopment of agricultural areas."
SECTION 3. Section 31-6-30 of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"Section 31-6-30. Unless the context clearly indicates otherwise:
(1) 'Blighted area' means any improved or vacant area within the boundaries of a redevelopment project area located within the territorial limits of the municipality where:
(a) if improved, industrial, commercial, and residential buildings or improvements, because of a combination of five or more of the following factors: age; dilapidation; obsolescence; deterioration; illegal use of individual structures; presence of structures below minimum code standards; excessive vacancies; overcrowding of structures and community facilities; lack of necessary transportation infrastructure; presence of or potential environmental hazards; lack of water or wastewater services; inadequate electric, natural gas or other energy services; lack of modern communications infrastructure; lack of ventilation, light, or sanitary storm drainage facilities; inadequate utilities; excessive land coverage; deleterious land use or layout; depreciation of physical maintenance; and lack of community planning; and static or declining land values are detrimental to the public safety, health, morals, or welfare; or;
(b) if vacant, the sound growth is impaired by:
(i) a combination of two or more of the following factors: obsolete platting of the vacant land; diversity of ownership of such land; tax and special assessment delinquencies on such land; deterioration of structures or site improvements in neighboring areas adjacent to the vacant land; overcrowding of structures and community facilities in neighboring areas adjacent to the vacant land; lack of necessary transportation infrastructure; presence of or potential environmental hazard; lack of water, or wastewater; lack of storm drainage facilities; inadequate electric and natural gas energy services; and lack of modern communications infrastructure; or
(ii) the area immediately prior to becoming vacant qualified as a blighted area. Any area within a redevelopment plan established by Chapter 10 of Title 31 is deemed to be a blighted area.
(1.5) 'Agricultural area' means any unimproved or vacant area formerly developed and used primarily for agricultural purposes within the boundaries of a redevelopment project area located within the territorial limits of the municipality where redevelopment and sound growth is impaired by a combination of three or more of the following factors: obsolete platting of the land; diversity of ownership of the land; tax and special assessment delinquencies on the land; deterioration of structures or site improvements in neighboring areas adjacent to the land; overcrowding of structures and community facilities in neighboring areas adjacent to the land; lack of necessary transportation infrastructure; presence of or potential environmental hazards; lack of water or wastewater; lack of storm drainage facilities; inadequate electric, natural gas or other energy services; lack of modern communications infrastructure; lack of community planning; agricultural foreclosures; and static or declining land values.
(2) 'Conservation area' means any improved area within the boundaries of a redevelopment project area located within the territorial limits of the municipality that is not yet a blighted area but, because of a combination of three or more of the following factors: dilapidation; obsolescence; deterioration; illegal use of structures; presence of structures below minimum code standards; abandonment; excessive vacancies; overcrowding of structures and community facilities; lack of ventilation, light, or sanitary facilities; inadequate utilities; excessive land coverage; depreciation of physical maintenance; or lack of community planning, is detrimental to the public safety, health, morals, or welfare and may become a blighted area. 'Conservation area' means any improved area or vacant area within the boundaries of a redevelopment project area located within the territorial limits of the municipality that is not yet a blighted area where:
(a) if improved, because of a combination of three or more of the following factors: age; dilapidation; obsolescence; deterioration; illegal use of individual structures; presence of structures below minimum code standards; excessive vacancies; overcrowding of structures and community facilities; lack of necessary transportation infrastructure; presence of or potential environmental hazards; lack of water or wastewater services; inadequate electric, natural gas or other energy services; lack of modern communications infrastructure; lack of ventilation, light, sanitary or storm drainage facilities; inadequate utilities; excessive land coverage; deleterious land use or layout; depreciation of physical maintenance; lack of community planning; and static or declining land values are detrimental to the public safety, health, morals, or welfare or;
(b) if vacant, the sound growth is impaired by a combination of two or more of the following factors: obsolete platting of the vacant land; diversity of ownership of the land; tax and special assessment delinquencies on the land; deterioration of structures or site improvements in neighboring areas adjacent to the vacant land; overcrowding of structures and community facilities in neighboring areas adjacent to the vacant land; lack of necessary transportation infrastructure; presence of or potential environmental hazard; lack of water, or wastewater; lack of storm drainage facilities; inadequate electric and natural gas energy services; and lack of modern communications infrastructure; is detrimental to the public safety, health, morals, or welfare and may become a blighted area.
(3) 'Municipality' means an incorporated municipality of this State.
(4) 'Obligations' means bonds, notes, or other evidence of indebtedness issued by the municipality to carry out a redevelopment project or to refund outstanding obligations.
(5) 'Redevelopment plan' means the comprehensive program of the municipality for redevelopment intended by the payment of redevelopment costs to reduce or eliminate those conditions which qualified the redevelopment project area as an agricultural area, a blighted area, or conservation area or combination thereof, and thereby to enhance the tax bases of the taxing districts which extend into the project redevelopment area. Each redevelopment plan shall set forth in writing the program to be undertaken to accomplish the objectives and shall include, but not be limited to, estimated redevelopment project costs including long-term project maintenance, as applicable, the anticipated sources of funds to pay costs, the nature and term of any obligations to be issued, the most recent equalized assessed valuation of the project area, an estimate as to the equalized assessed valuation after redevelopment, and the general land uses to apply in the redevelopment project area. A redevelopment plan established by Chapter 10 of Title 31 is deemed a redevelopment plan for purposes of this paragraph.
(6) 'Redevelopment project' means any buildings, improvements, including street, road and highway improvements, water, sewer and storm drainage facilities, parking facilities, tourism and recreation-related and recreational facilities, energy production or transmission infrastructure, communications technology, and public transportation infrastructure including, but not limited to, rail and airport facilities. Any project or undertaking authorized under Section 6-21-50 may also qualify as a redevelopment project under this chapter. All such projects are to be publicly owned. A redevelopment may be located outside of the redevelopment area provided the municipality makes specific findings of benefit to the redevelopment project area and the project area is located within the municipal limits.
(7) 'Redevelopment project area' means an area within the incorporated area of and designated by the municipality, which is not less in the aggregate than one and one-half acres and in respect to which the municipality has made a finding that there exist conditions that cause the area to be classified as an agricultural area, a blighted area, or a conservation area, or a combination of both blighted areas and conservation areas thereof. The total aggregate amount of all redevelopment project areas within any one municipality may not exceed five percent of the total acreage of the municipality.
(8) 'Redevelopment project costs' means and includes the sum total of all reasonable or necessary costs incurred or estimated to be incurred and any costs incidental to a redevelopment project. The costs include, without limitation:
(a) costs of studies and surveys, plans, and specifications; professional service costs including, but not limited to, architectural, engineering, legal, marketing, financial, planning, or special services.;
(b) property assembly costs including, but not limited to, acquisition of land and other property, real or personal, or rights or interest therein, demolition of buildings, and the clearing and grading of land.;
(c) costs of rehabilitation, reconstruction, repair, or remodeling of a redevelopment project.;
(d) costs of the construction and long-term maintenance of a redevelopment project.;
(e) financing costs including, but not limited to, all necessary and incidental expenses related to the issuance of obligations and which may include payment of interest on any obligations issued under the provisions of this chapter accruing during the estimated period of construction of any redevelopment project for which the obligations are issued and including reasonable reserves related thereto.;
(f) relocation costs, including relocation or removal costs of federal, state, or local government facilities or activities, to the extent that a municipality determines that relocation costs must be paid or required by federal or state law.
(9) 'Taxing districts' means counties, incorporated municipalities, schools, special purpose districts, and public and any other municipal corporations or districts with the power to levy taxes. Taxing districts include school districts which have taxes levied on their behalf.
(10) 'Vacant land' means any parcel or combination of parcels of real property without industrial, commercial, and residential buildings."
SECTION 4. Item (g) of the first undesignated paragraph of Section 31-6-80 of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"(g) findings that:
(i) the redevelopment project area is an agricultural, a blighted, or conservation area and that private initiatives are unlikely to alleviate these conditions without substantial public assistance;
(ii) property values in the area would remain static or decline without public intervention; and
(iii) redevelopment is in the interest of the health, safety, and general welfare of the citizens of the municipality.
Before approving any redevelopment plan under this chapter, the governing body of the municipality must hold a public hearing on the redevelopment plan after published notice in a newspaper of general circulation in the county in which the municipality and any taxing district affected by the redevelopment plan is located not less than fifteen days and not more than thirty days prior to the hearing. The notice shall include:
(1) the time and place of the public hearing;
(2) the boundaries of the proposed redevelopment project area;
(3) a notification that all interested persons will be given an opportunity to be heard at the public hearing;
(4) a description of the redevelopment plan and redevelopment project; and
(5) the maximum estimated term of obligations to be issued under the redevelopment plan."
SECTION 5. Section 31-7-20(A)(3) of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"(3) There exist in many counties of this State blighted, conservation, and sprawl areas; the sprawl and conservation areas are rapidly deteriorating and declining and may soon become blighted areas if their decline is not checked; the stable economic and physical development of the blighted areas, conservation areas, and sprawl areas are endangered by the presence of blighting factors as manifested by progressive and advanced deterioration of structures, by the overuse of housing and other facilities, by a lack of physical maintenance of existing structures, by obsolete and inadequate community facilities, and a lack of sound community planning, by obsolete platting, diversity of ownership, excessive tax, and special assessment delinquencies, or by a combination of these and other factors; that as a result of the existence of blighted areas, areas requiring conservation, and sprawl areas, there is an excessive and disproportionate expenditure of public funds, inadequate public and private investment, unmarketability of property, growth in delinquencies and crime, and substandard housing conditions and zoning law violations in such areas together with an abnormal exodus of families and businesses so that the decline of these areas impairs the value of private investments and threatens the sound growth and the tax base of taxing districts in such areas, and threatens the health, safety, morals, and welfare of the public."
SECTION 6. Section 31-7-30 of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"Section 31-7-30. Unless the context clearly indicates otherwise:
(1) 'Blighted area' means any improved or vacant area within the boundaries of a redevelopment project area located within the territorial limits of a county where:
(a) if improved, industrial, commercial, and residential buildings or improvements, because of a combination of five or more of the following factors: age; dilapidation; obsolescence; deterioration; illegal use of individual structures; presence of structures below minimum code standards; excessive vacancies; overcrowding of structures and community facilities; presence of or potential environmental hazard; lack of ventilation, light, storm drainage, or sanitary facilities; inadequate utilities; inadequate transportation infrastructure; excessive land coverage; deleterious land use or layout; depreciation of physical maintenance; lack of community planning, are detrimental to the public safety, health, morals, or welfare; or
(b) if vacant, the sound growth is impaired by:
(i) a combination of two or more of the following factors: obsolete platting of the vacant land; diversity of ownership of such land; tax and special assessment delinquencies on such land; deterioration of structures or site improvements in neighboring areas adjacent to the vacant land; or
(ii) the area immediately prior to becoming vacant qualified as a blighted area. Any area within a redevelopment plan established by Chapter 10 of Title 31 is deemed to be a blighted area.
(2) 'Conservation area' means any vacant or improved area within the boundaries of a redevelopment project area located within the territorial limits of a county that is not yet a blighted area but, because of a combination of three or more of the following factors: dilapidation; obsolescence; deterioration; illegal use of structures; presence of structures below minimum code standards; abandonment; excessive vacancies; overcrowding of structures and community facilities; presence of or potential environmental hazard; lack of ventilation, light, storm drainage, or sanitary facilities; inadequate utilities; inadequate transportation infrastructure; excessive land coverage; depreciation of physical maintenance; or lack of community planning; agricultural foreclosures; static or declining agricultural land rental rates; depopulation; area-wide economic decline; or static per capita income, is detrimental to the public safety, health, morals, or welfare and may become a blighted area.
(3) 'Sprawl area' means a vacant or improved area within the boundaries of a redevelopment project area located within the territorial limits of the unincorporated area of a county that is not yet a blighted area nor a conservation area but, because of the existence of one or more of the following conditions, has the potential to become blighted or in need of conservation:
(a) The sprawl area is an unincorporated urban zone, UUZ, which is an area within the unincorporated portion of the county issuing the finding and has a population density equal to or greater than the average population density of the incorporated municipalities within the territorial limits of the county issuing the finding.
(b) The sprawl area is a linear service zone, LSZ, which is an area within the unincorporated portion of the county issuing the finding which is or is likely to become an area no more than two miles wide at its widest point and no less than three miles in length and which, due to development within the zone, represents an impediment to vehicular and pedestrian traffic so that the county finds its existence a detriment to the:
(i) economic health and well-being of the county;
(ii) health or safety of the persons living, working, or traveling through the zone; or
(iii) efficient provision of governmental services both within and without the zone.
(c) The sprawl area is a rural redevelopment zone, RRZ, which is an area within the unincorporated portion of the county issuing the finding which consists primarily of vacant land which, if provided with certain environmental, energy, transportation, or communications infrastructure, could be developed as a planned community consisting of a minimum of one thousand contiguous acres of land, inclusive of flooded land or other forms of redevelopment, without regard to minimum acreage requirements, suitable for planned communities, other residential clusters, light industry, tourism and recreation facilities, retail centers, and locations suitable for manufacturing facilities.
(4) 'Municipality' means an incorporated municipality of this State.
(5) 'Obligations' means bonds, notes, or other evidence of indebtedness issued by the county to carry out a redevelopment project or to refund outstanding obligations.
(6) 'Redevelopment plan' means the comprehensive program of the county for redevelopment intended by the payment of redevelopment costs to reduce or eliminate those conditions which qualified the redevelopment project area as a blighted area, conservation area, or sprawl area, or combination of two or three of them, and to enhance the tax bases of the taxing districts which extend into the project redevelopment area. Each redevelopment plan shall set forth in writing the program to be undertaken to accomplish the objectives and shall include, but not be limited to, estimated redevelopment project costs including long-term project maintenance, as applicable, the anticipated sources of funds to pay costs, the nature and term of any obligations to be issued, the most recent equalized assessed valuation of the project area, an estimate as to the equalized assessed valuation after redevelopment, and the general land uses to apply in the redevelopment project area. A redevelopment plan established by Chapter 10 of Title 31 is deemed a redevelopment plan for purposes of this paragraph.
(7) 'Redevelopment project' means any buildings, improvements, including street, road, and highway improvements, water, sewer and storm drainage facilities, parking facilities, tourism and recreation-related and recreational facilities, energy production or transmission infrastructure, communications technology, and public transportation infrastructure including, but not limited to, rail and airport facilities. Any project or undertaking authorized under Section 6-21-50 may also qualify as a redevelopment project under this chapter. All such projects are to be publicly owned.
(8) 'Redevelopment project area' means an area designated by the county, which is not less in the aggregate than one and one-half acres and in respect to which the county has made a finding that there exist conditions that cause the area to be classified as a blighted area, a conservation area, or a sprawl area, or a combination of two or three of them. The total aggregate amount of all redevelopment project areas of any one county may not exceed five percent of the total acreage of the county but this limit does not apply with respect to these parts of a redevelopment project area comprised of a conservation area or a RRZ sprawl area.
(9) 'Redevelopment project costs' means and includes the sum total of all reasonable or necessary costs incurred or estimated to be incurred and any costs incidental to a redevelopment project. The costs include, without limitation:
(a) costs of studies and surveys, plans, and specifications; professional service costs including, but not limited to, architectural, engineering, legal, marketing, financial, planning, or special services;
(b) property assembly costs including, but not limited to, acquisition of land and other property, real or personal, or rights or interest therein, demolition of buildings, and the clearing and grading of land;
(c) costs of rehabilitation, reconstruction, repair, or remodeling of a redevelopment project;
(d) costs of the construction and long-term maintenance of a redevelopment project;
(e) financing costs including, but not limited to, all necessary and incidental expenses related to the issuance of obligations and which may include payment of interest on any obligations issued under the provisions of this chapter accruing during the estimated period of construction of any redevelopment project for which the obligations are issued and including reasonable reserves related thereto;
(f) relocation costs, including relocation or removal costs of federal, state, or local government facilities or activities, to the extent that a county determines that relocation costs must be paid or required by federal or state law.
(10) 'Taxing districts' means counties, incorporated municipalities, schools, special purpose districts, and public and any other municipal corporations or districts with the power to levy taxes. Taxing districts include school districts which have taxes levied on their behalf.
(11) 'Vacant land' means any parcel or combination of parcels of real property without industrial, commercial, and residential buildings.
(12) 'County' means any county in the State."
SECTION 7. Section 31-7-80(A)(7)(a) of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"(a) the redevelopment project area is a blighted, conservation, or sprawl area and that private initiatives alone are unlikely to alleviate these conditions without substantial public assistance."
SECTION 8. Section 31-7-120 of the 1976 Code, as last amended by Act 109 of 2005, is further amended to read:
"Section 31-7-120. Counties and municipalities through intergovernmental agreements may jointly adopt redevelopment plans and authorize obligations as provided under the provisions of this chapter and Chapter 6 of this title. Counties by intergovernmental agreement incorporated into individual county ordinances, may establish a multi-county or regional authority for both the establishing of a redevelopment plan and redevelopment projects if the documented economic impacts of projects extend beyond the boundaries of a single county. All actions to develop such plans and projects must be taken by the governing bodies of the respective counties participating in the grouping or authority pursuant to the contractual terms of the intergovernmental agreements establishing such groupings or authority."
SECTION 9. Section 31-7-25 and Section 31-7-130 of the 1976 Code are repealed.
SECTION 10. This act takes effect upon approval by the Governor.
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