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SB 213, Local Government Banking Improvement Zones

 
Municipal Impact Position Contact
Evaluating Michael McPherson, (678) 686-6390

Last Updated: 10/10/2017
Subject Area: Economic Development and Redevelopment | Finance and Money Management |
Resources: bill text
SB 213 
LC 1462ER
This bill would allow cities or counties submit applications to the Department of Community Affairs (DCA) to receive a designation of “banking improvement zone” (BIZ). Upon designation of a BIZ, a local government could select a depository and, subject to agreement with the financial institution, could through ordinance set a fixed interest rate either at or below the posted two-year certificate of deposit rate.
DCA would consider the following factors before designating a BIZ:
•    Location, number and proximity of banking services;
•    Consumer needs for banking services;
•    Economic viability and local credit needs of the local government applicant;
•    Existing commercial development in the proposed BIZ;
•    Potential economic development impact of additional banking services.
BILL STATUS

2/21/2017 - Assigned to Senate Committee

AUTHOR

Sen. Joshua McKoon
District 29
Contact Info