12-17,123. Same; application for designation as downtown redevelopment area; approval or denial by secretary of commerce, criteria.
12-17,123
12-17,123. Same; application for designation as
downtown redevelopment area; approval or denial by secretary of commerce,
criteria.
(a) The governing body of a city or of an unincorporated
area of a county proposing to establish a
downtown redevelopment area shall make a written application to the secretary
of the department of commerce for the designation of a downtown redevelopment
area. Applications shall be made in a format approved by the secretary.
(b) After a review of the application and after an examination of the facts
alleged, the secretary may approve the application based upon
one or more of the following criteria:
(1) The city or unincorporated area of a county in which the redevelopment
area is proposed has a population of
less than 50,000 or the proposed redevelopment area qualifies as a distressed
community;
(2) the proposed redevelopment area is located in a well-defined, core
commercial district of the city or the unincorporated area of the county;
(3) if the structures located within the proposed redevelopment area have
a vacancy rate that exceeds 15%; or
(4) the average appraised valuation of the properties located within the
proposed redevelopment area has not increased by more than 15% in the past
10 years.
(c) In the event the secretary denies an application to designate a downtown
redevelopment area, the secretary shall, within 90 days of the denial, issue a
written statement of the controlling facts relied upon to the governing body of
the city or of the unincorporated area of the county that requested the
designation.
History: L. 2004, ch. 112, § 83; July 1.