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DIGEST OF INTRODUCED BILL
Borrowing by CRED districts. Authorizes the state board of finance to make an interest free loan of up to $10,000,000 from the state general fund to the advisory commission on industrial development of a city that established a community revitalization enhancement district (CRED) and that meets certain other conditions. Provides that an advisory commission on industrial development may use the loan proceeds for the acquisition of land, buildings, and structures in the CRED and for the demolition, removal, renovation, rehabilitation, and enlargement of buildings and structures, and site and infrastructure improvements in the district.