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130th MAINE LEGISLATURE |
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LD 1694 |
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LR 1528(03) |
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An Act To Create
the Maine Redevelopment Land Bank Authority |
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Fiscal Note for
Bill as Engrossed with:
C "A" (H-957) |
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Committee: Innovation, Development, Economic
Advancement and Business |
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Fiscal Note |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
Appropriations/Allocations |
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Other Special Revenue Funds |
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$0 |
$922,500 |
$1,845,000 |
$1,845,000 |
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Revenue |
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Other Special Revenue Funds |
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$0 |
$922,500 |
$1,845,000 |
$1,845,000 |
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Fiscal Detail
and Notes |
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This bill
establishes the Maine Redevelopment Land Bank Authority as an independent
agency created to assist municipalities and other entities in the State in
the redevelopment of eligible properties in order to return these properties
to productive use. |
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The bill
establishes the Maine Redevelopment Land Bank Fund within the authority and
revenue from a new fee of $3 per ton on construction and demolition debris
and residue disposed of in a landfill will be credited to the new fund
beginning January 1, 2023. Based on the 615,000 tons of material landfilled
in 2020, anticipated revenue to the fund will be $922,500 for half a year in
fiscal year 2022-23 and $1,845,000 annually thereafter. An Other Special
Revenue Funds allocation is included in fiscal year 2022-23 to allow
expenditure of the new revenues. |
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Additional costs
to the Department of Transportation, the Department of Environmental
Protection, the Department of Economic and Community Development, the Maine
Historic Preservation Commission and the Maine State Housing Authority
associated with serving on the committee can be absorbed within existing
budgeted resources. |
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