DIVISION 8. Downtown Revitalization and Economic Recovery Financing Districts [62450. - 62464.]
Division 8 added by Stats. 2024, Ch. 274, Sec. 1.
§§ 62450–62464 · 16 sections
- § 62450 For purposes of this part: (a) “Commercial-to-residential conversion project” means a housing development project that converts an existing qualifying…
- § 62451 The Board of Supervisors of the City and County of San Francisco may establish one downtown revitalization and economic recovery financing district pursuant to…
- § 62451.5 The governing body of a local government, except the City and County of San Francisco, may establish one downtown revitalization and economic recovery…
- § 62452 (a) (1) The district board’s membership shall consist of three members of the governing body and two members of the public chosen by the governing body. The…
- § 62453 (a) The purpose of the district is to finance commercial-to-residential conversion projects with incremental tax revenues generated by…
- § 62454 The creation of the district and the adoption of a downtown revitalization financing plan pursuant to this division shall not be deemed a “project” for…
- § 62455 After adopting the resolution pursuant to Section 62451 or 62451.5, as applicable, the governing body shall send a copy of the resolution to the district…
- § 62456 After receipt of a copy of the resolution of intention to establish the district, the official designated pursuant to Section 62455 shall prepare a proposed…
- § 62457 (a) A downtown revitalization financing plan shall contain a provision that taxes, if any, levied upon opted-in taxable property in the area included within…
- § 62458 (a) The district board shall consider adoption of the downtown revitalization financing plan at three public hearings. (b) At the first public hearing, the…
- § 62459 (a) (1) After the adoption of the downtown revitalization financing plan, the district shall establish a process for eligible commercial-to-residential…
- § 62460 (a) Commercial-to-residential conversion projects that opt in to receive incremental tax revenue pursuant to Section 62459 are public works for which…
- § 62461 All costs incurred by the local government in connection with the division of taxes pursuant to this division for the district shall be paid by the district.
- § 62462 (a) If a local government establishes a district pursuant to this division, it shall develop and submit an annual report to the relevant committees of the…
- § 62463 Any action or proceeding to attack, review, set aside, void, or annul the creation of a district, adoption of a downtown revitalization financing plan,…
- § 62464 This section implements and fulfills the intent of this division and of Article XIII B of the California Constitution. The allocation and payment to a district…