Provides for the creation of restoration improvement districts for building restoration projects. (BDR 22-332)

This bill authorizes the governing body of a county or city in which a building restoration project is or is expected to be located to create a restoration improvement district that includes the project, or a part of the project, within its boundaries. Section 3 of this bill defines the criteria for a project to qualify as a building restoration project. Under section 7 of this bill, the governing body of a county or city is authorized to: (1) adopt an ordinance creating a restoration improvement district, subject to certain restrictions concerning the areas that may be included in the district; and (2) pledge a portion of certain taxes on real property collected in the district during a fiscal year, except that such a pledge may not include taxes on real property levied by or for the benefit of a public body if the governing body of that public body elects, within a certain period, not to include such taxes in the pledge. Section 8 of this bill provides that the amount of the property taxes pledged is equal to the property tax revenue, excluding property tax rate levied by a public body that has elected pursuant to section 7 not to include such rates in the pledge and certain other property tax rates, collected in the district in excess of the property tax revenue collected in the district before the creation of the district. Sections 9 and 12 of this bill exclude a district created pursuant to section 7 from certain limitations on the amount of revenue that a local government is authorized to collect from property taxes. Section 10 of this bill provides that such money would be pledged to the developer of the project for certain costs of the project pursuant to an agreement entered into by the county or city in which the project is located. Section 11 of this bill provides that work performed on a project after the effective date of an ordinance creating a district, pursuant to a contract for construction of the project, is subject to the prevailing wage requirements set forth in existing law. Sections 3-6 of this bill define terms for the purposes of this bill, and section 2 of this bill specifies the applicability of those definitions.