12-17,123.   Same; application for designation asdowntown redevelopment area; approval or denial by secretary of commerce,criteria.(a) The governing body of a city or of an unincorporatedarea of a county proposing to establish adowntown redevelopment area shall make a written application to the secretaryof the department of commerce for the designation of a downtown redevelopmentarea. Applications shall be made in a format approved by the secretary.

      (b)   After a review of the application and after an examination of the factsalleged, the secretary may approve the application based uponone or more of the following criteria:

      (1)   The city or unincorporated area of a county in which the redevelopmentarea is proposed has a population ofless than 50,000 or the proposed redevelopment area qualifies as a distressedcommunity;

      (2)   the proposed redevelopment area is located in a well-defined, corecommercial district of the city or the unincorporated area of the county;

      (3)   if the structures located within the proposed redevelopment area havea vacancy rate that exceeds 15%; or

      (4)   the average appraised valuation of the properties located within theproposed redevelopment area has not increased by more than 15% in the past10 years.

      (c)   In the event the secretary denies an application to designate a downtownredevelopment area, the secretary shall, within 90 days of the denial, issue awritten statement of the controlling facts relied upon to the governing body ofthe city or of the unincorporated area of the county that requested thedesignation.

      History:   L. 2004, ch. 112, § 83; July 1.