Florida Senate - 2025                                    SB 1242
       
       
        
       By Senator McClain
       
       
       
       
       
       9-01050-25                                            20251242__
    1                        A bill to be entitled                      
    2         An act relating to community redevelopment agencies;
    3         amending s. 163.3755, F.S.; providing for the
    4         termination of community redevelopment agencies on a
    5         specified date; removing an exception; prohibiting
    6         community redevelopment agencies from performing
    7         certain actions on or after a specified date; revising
    8         provisions relating to any outstanding bonds of a
    9         community redevelopment agency; prohibiting the
   10         creation of community redevelopment agencies on or
   11         after a specified date; authorizing existing agencies
   12         to continue to operate; providing an effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. Section 163.3755, Florida Statutes, is amended
   17  to read:
   18         163.3755 Termination of community redevelopment agencies;
   19  prohibition on future creation.—
   20         (1) A community redevelopment agency in existence on July
   21  1, 2025 October 1, 2019, shall terminate on the expiration date
   22  provided in the agency’s charter on July 1, 2025 October 1,
   23  2019, or on September 30, 2045 September 30, 2039, whichever is
   24  earlier, unless the governing body of the county or municipality
   25  that created the community redevelopment agency approves its
   26  continued existence by a majority vote of the members of the
   27  governing body.
   28         (2) A community redevelopment agency may not initiate any
   29  new projects or issue any new debt on or after October 1, 2025.
   30         (3)(2)(a) Notwithstanding subsection (1) If the governing
   31  body of the county or municipality that created the community
   32  redevelopment agency does not approve its continued existence by
   33  a majority vote of the governing body members, a community
   34  redevelopment agency with outstanding bonds as of July 1, 2025
   35  October 1, 2019, that do not mature until after the termination
   36  date of the agency or September 30, 2045 September 30, 2039,
   37  whichever is earlier, remains in existence until the date the
   38  bonds mature.
   39         (b) A community redevelopment agency operating under this
   40  subsection on or after September 30, 2045 September 30, 2039,
   41  may not extend the maturity date of any outstanding bonds.
   42         (c) The county or municipality that created the community
   43  redevelopment agency must issue a new finding of necessity
   44  limited to timely meeting the remaining bond obligations of the
   45  community redevelopment agency.
   46         (4) A community redevelopment agency may not be created on
   47  or after July 1, 2025. A community redevelopment agency in
   48  existence before July 1, 2025, may continue to operate as
   49  provided in this part.
   50         Section 2. This act shall take effect July 1, 2025.