Redevelopment bond repayment bill passed

A bill intended to make the repayment time frame of a redevelopment bond more closely reflect the life of a project received final approval April 28.

Currently, the 15-year repayment period of development bonds begins on the date that a municipality’s redevelopment plan goes into effect.

Under LB54, sponsored by Omaha Sen. Heath Mello, the repayment period will not begin until the date identified in the project redevelopment contract or in the resolution authorizing bond issuance.

The bill passed on a 46-0 vote.