Encourages the redevelopment of vacant or undeveloped land in targeted urban areas to increase employment opportunities for family living wage jobs and help accomplish the planning goals of cities in the state.

Allows the legislative authorities of certain cities to authorize an ad valorem tax exemption for the value of new construction within the city if the legislative authority finds that there are both significant areas of vacant or undeveloped land and insufficient family living wage jobs for its wage earning population in areas proximate to the vacant or undeveloped land.