Under current law, a city or county may pledge a projected increase in future property taxes to acquire and redevelop private property located in areas that have been specially designated as suitable for certain major manufacturing facilities. After acquisition, the city or county may sell the property to a private entity, but the sale price must, at a minimum, equal the property’s fair market value. Amendment 11 would give the city or county sole discretion to determine the sale price of property meeting these conditions, regardless of the property’s fair market value.

If a majority of voters vote “Yes” on Amendment 11, cities and counties would be allowed to sell certain city- or county-owned property for less than its fair market value if the property is located in areas of the city or county specially designated as suitable for certain major manufacturing facilities.

If a majority of voters vote “No” on Amendment 11, cities and counties would remain required to sell for at least fair market value any city or county-owned property located in areas that have been specially designated as suitable for certain major manufacturing facilities.