SB 5403 - DIGEST

     Provides that, if the commission has zoned an existing property or parcel in such a way that prohibits development of that property or parcel and the property or parcel is within an incorporated city's limits or was purchased before January 1, 1987, the commission shall:  (1) Grant, by any process, a single building permit for that property or parcel; or

     (2) compensate the owner for the value of the property or parcel at its current, residential, fair market value as if the permit had been granted.

     Directs the assessor of the county to which the property in question belongs to determine the compensatory amount.

     Provides that, if the commission does not grant a permit or compensation as required by this act, then the legislature will not renew the commission's appropriation for the next biennium.