Last year’s HB 15-1348 created consternation among the lending community—and thus, in the private sector developer community—due to the uncertainty of whether and how the legislation could affect urban renewal plans and projects that had already been adopted, approved or financed, among other issues. In the Governor’s signing statement, he noted these issues and appointed a working group of practitioners to propose changes to the legislation. Carolynne White participated in this working group.
Consensus was recently reached on a package of changes, although the fundamental issue of applicability remains unresolved. The consensus bill, SB 16-177, was introduced on March 30, 2016. If it remains truly a consensus bill as it makes its way through both chambers, it is expected to pass and be signed into law by the Governor.
Click on above PDF to read the entire article, including a list of the key changes in the consensus bill.