STATEMENT TO

SENATE COMMITTEE SUBSTITUTE FOR

SENATE, No. 1408

with Senate Floor Amendments

(Proposed by Senator SINGLETON)

ADOPTED: JUNE 2, 2025

      These floor amendments:

      (1)  define the term "vacancy rate" to mean the percentage of unoccupied or unused square footage in a structure or facility, compared to the total square footage of the structure or facility;

      (2)  require that, in order to be deemed an "eligible property," the office park or retail center has a vacancy rate of at least 25 percent for, specifically, "a continuous period" of at least 18 months immediately preceding the application for development; and

      (3)  require, as an additional criteria to be deemed an "eligible property" under the bill, that the owner of the property has made and maintained a continuous, good faith effort to redress the vacancy rate, actively rent, or actively market the property during the vacancy period set forth in the bill.