Proposes an amendment to the state constitution to authorize local authorities to designate boundaries within their jurisdiction containing only property which they determine will be increased in value by public improvements, and may provide that all or some of regular or special property taxes levied within those boundaries may be used to pay for the public improvements, to pay obligations to finance the public improvements and to pay for specified community benefit activities that contribute to social equity and environmental goals for the designated area, as determined by the legislative authority.   Official Text and Analysis.