AB 1445: Downtown revitalization and economic recovery financing districts.

The bill aims to expand the ability of cities and counties to establish downtown revitalization and economic recovery financing districts. These districts can be used to finance commercial-to-residential conversion projects with incremental tax revenues generated by the projects. The districts must prepare a financing plan that includes information on the projects and how the tax revenues will be distributed. The bill would allow cities and counties, except for San Francisco, to establish these districts. The districts must meet certain requirements, including complying with labor standards and allocating a portion of the tax revenues to the local government. The bill would modify the requirements for the financing plan and the distribution of tax revenues. It would also remove the requirement for commercial-to-residential conversion projects to comply with labor standards adopted by th…