Requires the preparation of a comprehensive economic development plan for the use of eminent domain when the primary purpose is economic development and certain residential premises are to be acquired; requires municipal approval of the exercise of eminent domain power in such cases; enacts the "eminent domain reform act".

This bill requires local governments to create a detailed plan before using eminent domain for economic development, especially when it involves taking residential properties. It also mandates that municipalities must approve any use of eminent domain in these situations. Essentially, it aims to ensure that there is a clear strategy and community consent before such actions are taken.

Supporters of the bill argue that it protects residents by ensuring that local governments cannot arbitrarily take homes for economic development without a solid plan and community approval. They believe this will lead to more responsible and transparent decision-making regarding the use of eminent domain.

Critics of the bill contend that it could hinder necessary economic development by creating bureaucratic hurdles and delays. They argue that the requirement for municipal approval may empower local officials to block projects that could benefit the community economically.