equipment in an urban development area is authorized under this
chapter after February 28, 1983, unless the initial increase in assessed
value resulting from the redevelopment or rehabilitation of the property
or the installation of the new manufacturing equipment occurred before
March 1, 1983.
(l) In addition to the other requirements of this chapter, if
property located in an economic revitalization area is also located in an
allocation area (as defined in IC 36-7-14-39 or IC 36-7-15.1-26), an
application for the property tax deduction provided by this chapter a
taxpayer's statement of benefits concerning that property may not
be approved under this chapter unless the commission that designated
the allocation area adopts a resolution approving the application
statement of benefits is adopted by the legislative body of the unit
that approved the designation of the allocation area.".
more than two thousand one hundred (2,100) as are provided for
in section 210 of this chapter.
(9) Six (6) county representatives if the total number of municipal
representatives in the county is an odd number, or five (5) county
representatives if the total number of municipal representatives is
an even number.
(d) METRO. The metropolitan development commission consists
of nine (9) citizen members, as follows:
(1) Four (4) members, of whom no more than two (2) may be of
the same political party, appointed by the executive of the
consolidated city.
(2) Three (3) members, of whom no more than two (2) may be of
the same political party, appointed by the legislative body of the
consolidated city.
(3) Two (2) members, who must be of different political parties,
appointed by the board of commissioners of the county.
(e) METRO. The legislative body of the consolidated city shall
appoint an individual to serve as a nonvoting adviser to the
metropolitan development commission when the commission is
acting as the redevelopment commission of the consolidated city
under IC 36-7-15.1. If the duties of the metropolitan development
commission under IC 36-7-15.1 are transferred to another entity
under IC 36-3-4-23, the individual appointed under this subsection
shall serve as a nonvoting adviser to that entity. A nonvoting
adviser appointed under this subsection:
(1) must also be a member of the school board of a school
corporation that includes all or part of the territory of the
consolidated city;
(2) is not considered a member of the metropolitan
development commission for purposes of IC 36-7-15.1 but is
entitled to attend and participate in the proceedings of all
meetings of the metropolitan development commission (or any
successor entity designated under IC 36-3-4-23) when it is
acting as a redevelopment commission under IC 36-7-15.1;
(3) is not entitled to a salary, per diem, or reimbursement of
expenses;
(4) serves for a term of two (2) years and until a successor is
appointed; and
(5) serves at the pleasure of the legislative body of the
consolidated city.".
a population of more than two hundred thousand (200,000) but less
than three hundred thousand (300,000).
(b) In adopting a declaratory resolution under section 15 of this
chapter, a redevelopment commission may include a provision stating
that the redevelopment project area is considered to include one (1) or
more additional areas outside the boundaries of the redevelopment
project area if the redevelopment commission makes the following
findings and the requirements of subsection (c) are met:
(1) One (1) or more taxpayers presently located within the
boundaries of the redevelopment project area are expected within
one (1) year to relocate all or part of their operations outside the
boundaries of the redevelopment project area and have expressed
an interest in relocating all or part of their operations within the
boundaries of an additional area.
(2) The relocation described in subdivision (1) will contribute to
the continuation of the conditions described in IC 36-7-1-3 in the
redevelopment project area.
(3) For purposes of this section, it will be of public utility and
benefit to include the additional areas as part of the
redevelopment project area.
(c) Each additional area must be designated by the redevelopment
commission as a redevelopment project area or an economic
development area under this chapter.
(d) Notwithstanding section 3 of this chapter, the additional areas
shall be considered to be a part of the redevelopment special taxing
district under the jurisdiction of the redevelopment commission. Any
excess property taxes that the commission has determined may be paid
to taxing units under section 39(b)(3) of this chapter shall be paid to
the taxing units from which the excess property taxes were derived. All
powers of the redevelopment commission authorized under this chapter
may be exercised by the redevelopment commission in additional areas
under its jurisdiction.
(e) The declaratory resolution must include a statement of the
general boundaries of each additional area. However, it is sufficient to
describe those boundaries by location in relation to public ways,
streams, or otherwise, as determined by the commissioners.
(f) The declaratory resolution may include a provision with respect
to the allocation and distribution of property taxes with respect to one
(1) or more of the additional areas in the manner provided in section 39
of this chapter. If the redevelopment commission includes such a
provision in the resolution, allocation areas in the redevelopment
project area and in the additional areas considered to be part of the
redevelopment project area shall be considered a single allocation area
for purposes of this chapter.
(g) The additional areas must be located within the same county as
the redevelopment project area but are not otherwise required to be
within the jurisdiction of the redevelopment commission, if the
redevelopment commission obtains the consent by ordinance of:
(1) the county legislative body, for each additional area located
within the unincorporated part of the county; or
(2) the legislative body of the city or town affected, for each
additional area located within a city or town.
In granting its consent, the legislative body shall approve the plan of
development or redevelopment relating to the additional area.
(h) A declaratory resolution previously adopted may be amended to
include a provision to include additional areas as set forth in this
section and an allocation provision under section 39 of this chapter
with respect to one (1) or more of the additional areas in accordance
with section 17.5 sections 15, 16, and 17 of this chapter.
(i) The redevelopment commission may amend the allocation
provision of a declaratory resolution in accordance with section 17.5
sections 15, 16, and 17 of this chapter to change the assessment date
that determines the base assessed value of property in the allocation
area to any assessment date following the effective date of the
allocation provision of the declaratory resolution. Such a change may
relate to the assessment date that determines the base assessed value of
that portion of the allocation area that is located in the redevelopment
project area alone, that portion of the allocation area that is located in
an additional area alone, or the entire allocation area.
land use, or the issuance of building permits. These agencies and
officers shall take notice of the pendency of the hearing and, until the
commission confirms, modifies and confirms, or rescinds the
resolution, or the confirmation of the resolution is set aside on appeal,
may not:
(1) authorize any construction on property or sewers in the area
described in the resolution, including substantial modifications,
rebuilding, conversion, enlargement, additions, and major
structural improvements; or
(2) take any action regarding the zoning or rezoning of property,
or the opening, closing, or improvement of streets, alleys, or
boulevards in the area described in the resolution.
This subsection does not prohibit the granting of permits for ordinary
maintenance or minor remodeling, or for changes necessary for the
continued occupancy of buildings in the area.
(c) If the resolution to be considered at the hearing includes a
provision establishing or amending an allocation provision under
section 39 of this chapter, the redevelopment commission shall file the
following information with each taxing unit that is wholly or partly
located within the allocation area:
(1) A copy of the notice required by subsection (a).
(2) A statement disclosing the impact of the allocation area,
including the following:
(A) The estimated economic benefits and costs incurred by the
allocation area, as measured by increased employment and
anticipated growth of real property assessed values.
(B) The anticipated impact on tax revenues of each taxing unit.
The redevelopment commission shall file the information required by
this subsection with the officers of the taxing unit who are authorized
to fix budgets, tax rates, and tax levies under IC 6-1.1-17-5 at least ten
(10) days before the date of the hearing.
(d) At the hearing, which may be adjourned from time to time, the
redevelopment commission shall hear all persons interested in the
proceedings and shall consider all written remonstrances and
objections that have been filed. After considering the evidence
presented, the commission shall take final action determining the
public utility and benefit of the proposed project or other actions to
be taken under the resolution, and confirming, modifying and
confirming, or rescinding the resolution. The final action taken by the
commission shall be recorded and is final and conclusive, except that
an appeal may be taken in the manner prescribed by section 18 of this
chapter.
project area, an urban renewal project area, or an economic
development area, the commission shall give notice of the hearing in
accordance with IC 5-3-1. The notice must:
(1) set forth the substance of the proposed amendment;
(2) state the time and place where written remonstrances against
the proposed amendment may be filed;
(3) set forth the time and place of the hearing; and
(4) state that the commission will hear any person who has filed
a written remonstrance during the filing period set forth under
subdivision (2).
(b) For the purposes of this section, the consolidation of areas is not
considered the enlargement of the boundaries of an area.
(c) When the commission proposes to amend a resolution or plan,
the commission is not required to have evidence or make findings that
were required for the establishment of the original redevelopment
project area, urban renewal area, or economic development area.
However, the commission must make the following findings before
approving the amendment:
(1) The amendment is reasonable and appropriate when
considered in relation to the original resolution or plan and the
purposes of this chapter.
(2) The resolution or plan, with the proposed amendment,
conforms to the comprehensive plan for the unit.
(d) (a) In addition to the requirements of subsection (a), section 17
of this chapter, if the resolution or plan for an existing
redevelopment project area is proposed to be amended in a way that
changes:
(1) parts of the area that are to be devoted to a public way, levee,
sewerage, park, playground, or other public purposes;
(2) the proposed use of the land in the area; or
(3) requirements for rehabilitation, building requirements,
proposed zoning, maximum densities, or similar requirements;
the commission must, at least ten (10) days before the public hearing
under section 17 of this chapter, send the notice required by
subsection (a) section 17 of this chapter by first class mail to affected
neighborhood associations.
(e) (b) In addition to the requirements of subsection (a), section 17
of this chapter, if the resolution or plan for an existing
redevelopment project area is proposed to be amended in a way that:
(1) enlarges the boundaries of the area; by not more than twenty
percent (20%) of the original area; or
(2) adds one (1) or more parcels to the list of parcels to be
acquired;
the commission must, at least ten (10) days before the public hearing
under section 17 of this chapter, send the notice required by
subsection (a) section 17 of this chapter by first class mail to affected
neighborhood associations and to persons owning property that is in the
proposed enlargement of the area or that is proposed to be added to the
acquisition list. If the enlargement of an area is proposed, notice must
also be filed in accordance with section 17(b) of this chapter, and
agencies and officers may not take actions prohibited by section 17(b)
of this chapter in the proposed enlarged area.
(f) Notwithstanding subsections (a) and (c), if the resolution or plan
is proposed to be amended in a way that enlarges the original
boundaries of the area by more than twenty percent (20%), the
commission must use the procedure provided for the original
establishment of areas and must comply with sections 15 through 17 of
this chapter.
(g) At the hearing on the amendments, the commission shall
consider written remonstrances that are filed. The action of the
commission on the amendment shall be recorded and is final and
conclusive, except that an appeal of the commission's action may be
taken under section 18 of this chapter.
(h) (c) The commission may require that neighborhood associations
register with the commission. The commission may adopt a rule that
requires that a neighborhood association encompass a part of the
geographic area included in or proposed to be included in a
redevelopment project area, urban renewal area, or economic
development area to qualify as an affected neighborhood association.
the collection of taxes levied under this chapter shall be paid in the
manner prescribed by this section. The commission shall certify the
items of expense to the fiscal officer of the unit directing him to pay
requesting payment of the amounts certified. and Subject to
appropriation by the fiscal body of the unit, the fiscal officer shall
then draw his a warrant The warrant shall in the requested amount to
be paid out of the general fund of the unit. without appropriation by the
fiscal body or approval by any other body. If the unit has no
unappropriated monies in its general fund, the fiscal officer of the unit
shall may recommend to the fiscal body the temporary transfer from
other funds of the unit of a sufficient amount to meet the items of
expense, or the making of a temporary loan for that purpose. The fiscal
body shall immediately may make the transfer or authorize the
temporary loan in the same manner that other transfers and temporary
loans are made by the unit.
(b) The amount advanced by the unit under this section may not
exceed fifty thousand dollars ($50,000), and the fund or funds of the
unit from which the advancement is made shall be fully reimbursed and
repaid by the redevelopment commission out of the first proceeds of
the special taxes levied under this chapter. legally available revenues.
(c) The redevelopment commission may not use any part of the
amount advanced by the unit under this section in the acquisition of
real property.
permitted to pay under IC 8-23-17.
(b) If the redevelopment commission plans to acquire different
parcels of land or let different contracts for redevelopment work at
approximately the same time, whether under one (1) or more
resolutions, the commission may provide for the total cost in one (1)
issue of bonds.
(c) The bonds must be dated as set forth in the bond resolution and
negotiable, subject to the requirements of the bond resolution for
registering the bonds. The resolution authorizing the bonds must state:
(1) the denominations of the bonds;
(2) the place or places at which the bonds are payable; and
(3) the term of the bonds, which may not exceed:
(A) fifty (50) years, for bonds issued before July 1, 2008; or
(B) twenty-five (25) years, for bonds issued after June 30,
2008.
The resolution may also state that the bonds are redeemable before
maturity with or without a premium, as determined by the
redevelopment commission.
(d) The redevelopment commission shall certify a copy of the
resolution authorizing the bonds to the municipal or county fiscal
officer, who shall then prepare the bonds, subject to subsection (p). The
seal of the unit must be impressed on the bonds, or a facsimile of the
seal must be printed on the bonds.
(e) The bonds must be executed by the appropriate officer of the
unit and attested by the municipal or county fiscal officer.
(f) The bonds are exempt from taxation for all purposes.
(g) The municipal or county fiscal officer shall give notice of the
sale of the bonds by publication in accordance with IC 5-3-1. The
municipal fiscal officer, or county fiscal officer or executive, shall sell
the bonds to the highest bidder, but may not sell them for less than
ninety-seven percent (97%) of their par value. However, bonds payable
solely or in part from tax proceeds allocated under section 39(b)(2) of
this chapter, or other revenues of the district may be sold at a private
negotiated sale.
(h) Except as provided in subsection (i), a redevelopment
commission may not issue the bonds when the total issue, including
bonds already issued and to be issued, exceeds two percent (2%) of the
adjusted value of the taxable property in the special taxing district, as
determined under IC 36-1-15.
(i) The bonds are not a corporate obligation of the unit but are an
indebtedness of the taxing district. The bonds and interest are payable,
as set forth in the bond resolution of the redevelopment commission:
(1) from a special tax levied upon all of the property in the taxing
district, as provided by section 27 of this chapter;
(2) from the tax proceeds allocated under section 39(b)(2) of this
chapter;
commission to the lessor are required only to the extent and only for the
period that the lessor is able to provide the leased facilities in
accordance with the lease. The terms of each lease must be based upon
the value of the facilities leased and may not create a debt of the unit
or the district for purposes of the Constitution of the State of Indiana.
(c) A lease may be entered into by the redevelopment commission
only after a public hearing by the redevelopment commission at which
all interested parties are provided the opportunity to be heard. After the
public hearing, the redevelopment commission may adopt a resolution
authorizing the execution of the lease on behalf of the unit if it finds
that the service to be provided throughout the term of the lease will
serve the public purpose of the unit and is in the best interests of its
residents. Any lease approved by a resolution of the redevelopment
commission must be approved by an ordinance of the fiscal body of the
unit.
(d) Upon execution of a lease providing for payments by the
redevelopment commission in whole or in part from the levy of special
benefits taxes under section 27 of this chapter and upon approval of the
lease by the unit's fiscal body, the redevelopment commission shall
publish notice of the execution of the lease and its approval in
accordance with IC 5-3-1. Fifty (50) or more taxpayers residing in the
redevelopment district who will be affected by the lease and who may
be of the opinion that no necessity exists for the execution of the lease
or that the payments provided for in the lease are not fair and
reasonable may file a petition in the office of the county auditor within
thirty (30) days after the publication of the notice of execution and
approval. The petition must set forth the petitioners' names, addresses,
and objections to the lease and the facts showing that the execution of
the lease is unnecessary or unwise or that the payments provided for in
the lease are not fair and reasonable, as the case may be.
(e) Upon the filing of the petition, the county auditor shall
immediately certify a copy of it, together with such other data as may
be necessary in order to present the questions involved, to the
department of local government finance. Upon receipt of the certified
petition and information, the department of local government finance
shall fix a time and place for a hearing in the redevelopment district,
which must be not less than five (5) or more than thirty (30) days after
the time is fixed. Notice of the hearing shall be given by the department
of local government finance to the members of the fiscal body, to the
redevelopment commission, and to the first fifty (50) petitioners on the
petition by a letter signed by the commissioner or deputy commissioner
of the department and enclosed with fully prepaid postage sent to those
persons at their usual place of residence, at least five (5) days before
the date of the hearing. The decision of the department of local
government finance on the appeal, upon the necessity for the execution
of the lease, and as to whether the payments under it are fair and
reasonable, is final.
(f) A redevelopment commission entering into a lease payable from
allocated taxes under section 39 of this chapter or other available funds
of the redevelopment commission may:
(1) pledge the revenue to make payments under the lease pursuant
to IC 5-1-14-4; and
(2) establish a special fund to make the payments.
(g) Lease rentals may be limited to money in the special fund so that
the obligations of the redevelopment commission to make the lease
rental payments are not considered debt of the unit or the district for
purposes of the Constitution of the State of Indiana.
(h) Except as provided in this section, no approvals of any
governmental body or agency are required before the redevelopment
commission enters into a lease under this section.
(i) An action to contest the validity of the lease or to enjoin the
performance of any of its terms and conditions must be brought within
thirty (30) days after the publication of the notice of the execution and
approval of the lease. However, if the lease is payable in whole or in
part from tax levies and an appeal has been taken to the department of
local government finance, an action to contest the validity or enjoin the
performance must be brought within thirty (30) days after the decision
of the department.
(j) If a redevelopment commission exercises an option to buy a
leased facility from a lessor, the redevelopment commission may
subsequently sell the leased facility, without regard to any other statute,
to the lessor at the end of the lease term at a price set forth in the lease
or at fair market value established at the time of the sale by the
redevelopment commission through auction, appraisal, or arms length
negotiation. If the facility is sold at auction, after appraisal, or through
negotiation, the redevelopment commission shall conduct a hearing
after public notice in accordance with IC 5-3-1 before the sale. Any
action to contest the sale must be brought within fifteen (15) days of
the hearing.
together with all accruing interest on the bonds or lease rental
payments under section 25.2 of this chapter. The commission shall
cause the tax levied to be certified to the proper officers as other tax
levies are certified, and to the auditor of the county in which the
redevelopment district is located, before the second day of October in
each year. The tax shall be estimated and entered on the tax duplicate
by the county auditor and shall be collected and enforced by the county
treasurer in the same manner as other state and county taxes are
estimated, entered, collected, and enforced. The amount of the tax
levied to pay bonds or lease rentals payable from the tax levied under
this section shall be reduced by any amount available in the allocation
fund established under section 39(b)(2) of this chapter or other
revenues of the redevelopment commission to the extent such revenues
have been set aside in the redevelopment bond fund.
(c) As the tax is collected, it shall be accumulated in a separate fund
to be known as the redevelopment district bond fund and shall be
applied to the payment of the bonds as they mature and the interest on
the bonds as it accrues, or to make lease payments and to no other
purpose. All accumulations of the fund before their use for the payment
of bonds and interest or to make lease payments shall be deposited with
the depository or depositories for other public funds of the unit in
accordance with IC 5-13, unless they are invested under IC 5-13-9.
(d) If there are no outstanding bonds that are payable solely or in
part from tax proceeds allocated under section 39(b)(2) of this chapter
and that were issued to pay costs of redevelopment in an allocation area
that is located wholly or in part in the special taxing district, then all
proceeds from the sale or leasing of property in the allocation area
under section 22 of this chapter shall be paid into the redevelopment
district bond fund and become a part of that fund. In arriving at the tax
levy for any year, the redevelopment commission may shall take into
account the amount of the proceeds deposited under this subsection and
remaining on hand.
(e) The tax levies provided for in this section are reviewable by
other bodies vested by law with the authority to ascertain that the levies
are sufficient to raise the amount that, with other amounts available, is
sufficient to meet the payments under the lease payable from the levy
of taxes.
and in order to:
(1) undertake survey and planning activities under this chapter;
(2) undertake and carry out any redevelopment project, urban
renewal project, or housing program;
(3) pay principal and interest on any advances;
(4) pay or retire any bonds and interest on them; or
(5) refund loans previously made under this section;
the redevelopment commission may apply for and accept advances,
short term and long term loans, grants, contributions, and any other
form of financial assistance from the federal government, or from any
of its agencies. The commission may also enter into and carry out
contracts and agreements in connection with that financial assistance
upon the terms and conditions that the commission considers
reasonable and appropriate, as long as those terms and conditions are
not inconsistent with the purposes of this chapter. The provisions of
such a contract or agreement in regard to the handling, deposit, and
application of project funds, as well as all other provisions, are valid
and binding on the unit or its executive departments and officers, as
well as the commission, notwithstanding any other provision of this
chapter.
(b) Subject to the approval of the fiscal body of the unit that
established the department of redevelopment, the redevelopment
commission may issue and sell bonds, notes, or warrants to the federal
government to evidence short term or long term loans made under this
section, without notice of sale being given or a public offering being
made.
(c) Notwithstanding the provisions of this or any other chapter,
bonds, notes, or warrants issued by the redevelopment commission
under this section may:
(1) be in the amounts, form, or denomination;
(2) be either coupon or registered;
(3) carry conversion or other privileges;
(4) have a rank or priority;
(5) be of such description;
(6) be secured (subject to other provisions of this section) in such
manner;
(7) bear interest at a rate or rates;
(8) be payable as to both principal and interest in a medium of
payment, at a time or times (which may be upon demand) and at
a place or places;
(9) be subject to terms of redemption (with or without premium);
(10) contain or be subject to any covenants, conditions, and
provisions; and
(11) have any other characteristics;
that the commission considers reasonable and appropriate.
(d) Bonds, notes, or warrants issued under this section are not an
indebtedness of the unit or taxing district within the meaning of any
constitutional or statutory limitation of indebtedness. The bonds, notes,
or warrants are not payable from or secured by a levy of taxes, but are
payable only from and secured only by income, funds, and properties
of the project becoming available to the redevelopment commission
under this chapter, as the commission specifies in the resolution
authorizing their issuance.
(e) Bonds, notes, or warrants issued under this section are exempt
from taxation for all purposes.
(f) Bonds, notes, or warrants issued under this section must be
executed by the appropriate officers of the unit in the name of the "City
(or Town or County) of ____________, Department of
Redevelopment", and must be attested by the appropriate officers of the
unit.
(g) Following the adoption of the resolution authorizing the issuance
of bonds, notes, or warrants under this section, the redevelopment
commission shall certify a copy of that resolution to the officers of the
unit who have duties with respect to bonds, notes, or warrants of the
unit. At the proper time, the commission shall deliver to the officers the
unexecuted bonds, notes, or warrants prepared for execution in
accordance with the resolution.
(h) All bonds, notes, or warrants issued under this section shall be
sold by the officers of the unit who have duties with respect to the sale
of bonds, notes, or warrants of the unit. If an officer whose signature
appears on any bonds, notes, or warrants issued under this section
leaves office before their delivery, the signature remains valid and
sufficient for all purposes as if the officer had remained in office until
the delivery.
(i) If at any time during the life of a loan contract or agreement
under this section the redevelopment commission can obtain loans for
the purposes of this section from sources other than the federal
government at interest rates not less favorable than provided in the loan
contract or agreement, and if the loan contract or agreement so permits,
the commission may do so and may pledge the loan contract and any
rights under that contract as security for the repayment of the loans
obtained from other sources. Any loan under this subsection may be
evidenced by bonds, notes, or warrants issued and secured in the same
manner as provided in this section for loans from the federal
government. These bonds, notes, or warrants may be sold at either
public or private sale, as the commission considers appropriate.
(j) Money obtained from the federal government or from other
sources under this section, and money that is required by a contract or
agreement under this section to be used for project expenditure
purposes, repayment of survey and planning advances, or repayment of
temporary or definitive loans, may be expended by the redevelopment
commission without regard to any law pertaining to the making and
approval of budgets, appropriations, and expenditures.
(k) Bonds, notes, or warrants issued under this section are declared
to be issued for an essential public and governmental purpose.
the allocation area remain outstanding as of the expiration date, the
allocation provision does not expire until all of the bonds or other
obligations are no longer outstanding. The allocation provision may
apply to all or part of the redevelopment project area. The allocation
provision must require that any property taxes subsequently levied by
or for the benefit of any public body entitled to a distribution of
property taxes on taxable property in the allocation area be allocated
and distributed as follows:
(1) Except as otherwise provided in this section, the proceeds of
the taxes attributable to the lesser of:
(A) the assessed value of the property for the assessment date
with respect to which the allocation and distribution is made;
or
(B) the base assessed value;
shall be allocated to and, when collected, paid into the funds of
the respective taxing units.
(2) Except as otherwise provided in this section, property tax
proceeds in excess of those described in subdivision (1) shall be
allocated to the redevelopment district and, when collected, paid
into an allocation fund for that allocation area that may be used by
the redevelopment district only to do one (1) or more of the
following:
(A) Pay the principal of and interest on any obligations
payable solely from allocated tax proceeds which are incurred
by the redevelopment district for the purpose of financing or
refinancing the redevelopment of that allocation area.
(B) Establish, augment, or restore the debt service reserve for
bonds payable solely or in part from allocated tax proceeds in
that allocation area.
(C) Pay the principal of and interest on bonds payable from
allocated tax proceeds in that allocation area and from the
special tax levied under section 27 of this chapter.
(D) Pay the principal of and interest on bonds issued by the
unit to pay for local public improvements in or serving that
are physically located in or physically connected to that
allocation area.
(E) Pay premiums on the redemption before maturity of bonds
payable solely or in part from allocated tax proceeds in that
allocation area.
(F) Make payments on leases payable from allocated tax
proceeds in that allocation area under section 25.2 of this
chapter.
(G) Reimburse the unit for expenditures made by it for local
public improvements (which include buildings, parking
facilities, and other items described in section 25.1(a) of this
chapter) in or serving that are physically located in or
physically connected to that allocation area.
(H) Reimburse the unit for rentals paid by it for a building or
parking facility in or serving that is physically located in or
physically connected to that allocation area under any lease
entered into under IC 36-1-10.
(I) Pay all or a part of a property tax replacement credit to
taxpayers in an allocation area as determined by the
redevelopment commission. This credit equals the amount
determined under the following STEPS for each taxpayer in a
taxing district (as defined in IC 6-1.1-1-20) that contains all or
part of the allocation area:
STEP ONE: Determine that part of the sum of the amounts
under IC 6-1.1-21-2(g)(1)(A), IC 6-1.1-21-2(g)(2),
IC 6-1.1-21-2(g)(3), IC 6-1.1-21-2(g)(4), and
IC 6-1.1-21-2(g)(5) that is attributable to the taxing district.
STEP TWO: Divide:
(i) that part of each county's eligible property tax
replacement amount (as defined in IC 6-1.1-21-2) for that
year as determined under IC 6-1.1-21-4 that is attributable
to the taxing district; by
(ii) the STEP ONE sum.
STEP THREE: Multiply:
(i) the STEP TWO quotient; times
(ii) the total amount of the taxpayer's taxes (as defined in
IC 6-1.1-21-2) levied in the taxing district that have been
allocated during that year to an allocation fund under this
section.
If not all the taxpayers in an allocation area receive the credit
in full, each taxpayer in the allocation area is entitled to
receive the same proportion of the credit. A taxpayer may not
receive a credit under this section and a credit under section
39.5 of this chapter in the same year.
(J) Pay expenses incurred by the redevelopment commission
for local public improvements that are in the allocation area or
serving the allocation area. Public improvements include
buildings, parking facilities, and other items described in
section 25.1(a) of this chapter.
(K) Reimburse public and private entities for expenses
incurred in training employees of industrial facilities that are
located:
(i) in the allocation area; and
(ii) on a parcel of real property that has been classified as
industrial property under the rules of the department of local
government finance.
However, the total amount of money spent for this purpose in
any year may not exceed the total amount of money in the
allocation fund that is attributable to property taxes paid by the
industrial facilities described in this clause. The
reimbursements under this clause must be made within three
(3) years after the date on which the investments that are the
basis for the increment financing are made.
The allocation fund may not be used for operating expenses of the
commission.
(3) Except as provided in subsection (g), before July 15 of each
year the commission shall do the following:
(A) Determine the amount, if any, by which the base assessed
value of the taxable property in the allocation area, when
multiplied by the estimated tax rate of the allocation area, will
exceed the amount of assessed value needed to produce the
property taxes necessary to make, when due, principal and
interest payments on bonds described in subdivision (2) plus
the amount necessary for other purposes described in
subdivision (2).
(B) Notify Provide a written notice to the county auditor, of
the fiscal body of the county or municipality that
established the department of redevelopment, and the
officers who are authorized to fix budgets, tax rates, and
tax levies under IC 6-1.1-17-5 for each of the other taxing
units that is wholly or partly located within the allocation
area. The notice must:
(i) state the amount, if any, of the amount of excess assessed
value that the commission has determined may be allocated
to the respective taxing units in the manner prescribed in
subdivision (1); or
(ii) state that the commission has determined that there
is no excess assessed value that may be allocated to the
respective taxing units in the manner prescribed in
subdivision (1).
The county auditor shall allocate to the respective taxing
units the amount, if any, of excess assessed value
determined by the commission. The commission may not
authorize an allocation of assessed value to the respective
taxing units under this subdivision if to do so would endanger
the interests of the holders of bonds described in subdivision
(2) or lessors under section 25.3 of this chapter.
(c) For the purpose of allocating taxes levied by or for any taxing
unit or units, the assessed value of taxable property in a territory in the
allocation area that is annexed by any taxing unit after the effective
date of the allocation provision of the declaratory resolution is the
lesser of:
(1) the assessed value of the property for the assessment date with
respect to which the allocation and distribution is made; or
programs shall reserve at least one-half (1/2) of their enrollment in any
session for residents of the enterprise zone.
(h) The state board of accounts and department of local government
finance shall make the rules and prescribe the forms and procedures
that they consider expedient for the implementation of this chapter.
After each general reassessment under IC 6-1.1-4, the department of
local government finance shall adjust the base assessed value one (1)
time to neutralize any effect of the general reassessment on the
property tax proceeds allocated to the redevelopment district under this
section. After each annual adjustment under IC 6-1.1-4-4.5, the
department of local government finance shall adjust the base assessed
value one (1) time to neutralize any effect of the annual adjustment on
the property tax proceeds allocated to the redevelopment district under
this section. However, the adjustments under this subsection may not
include the effect of property tax abatements under IC 6-1.1-12.1, and
these adjustments may not produce less property tax proceeds allocable
to the redevelopment district under subsection (b)(2) than would
otherwise have been received if the general reassessment or annual
adjustment had not occurred. The department of local government
finance may prescribe procedures for county and township officials to
follow to assist the department in making the adjustments.
(i) The allocation deadline referred to in subsection (b) is
determined in the following manner:
(1) The initial allocation deadline is December 31, 2011.
(2) Subject to subdivision (3), the initial allocation deadline and
subsequent allocation deadlines are automatically extended in
increments of five (5) years, so that allocation deadlines
subsequent to the initial allocation deadline fall on December 31,
2016, and December 31 of each fifth year thereafter.
(3) At least one (1) year before the date of an allocation deadline
determined under subdivision (2), the general assembly may enact
a law that:
(A) terminates the automatic extension of allocation deadlines
under subdivision (2); and
(B) specifically designates a particular date as the final
allocation deadline.
median income for individuals and families, respectively.
(6) The provision of financial assistance to neighborhood
development corporations to permit them to provide financial
assistance for the purposes described in subdivision (5).
(7) Providing each taxpayer in the allocation area a credit for
property tax replacement as determined under subsections (c) and
(d). However, the commission may provide this credit only if the
municipal legislative body (in the case of a redevelopment
commission established by a municipality) or the county
executive (in the case of a redevelopment commission established
by a county) establishes the credit by ordinance adopted in the
year before the year in which the credit is provided.
(c) The maximum credit that may be provided under subsection
(b)(7) to a taxpayer in a taxing district that contains all or part of an
allocation area established for a program adopted under section 45 of
this chapter shall be determined as follows:
STEP ONE: Determine that part of the sum of the amounts
described in IC 6-1.1-21-2(g)(1)(A) and IC 6-1.1-21-2(g)(2)
through IC 6-1.1-21-2(g)(5) that is attributable to the taxing
district.
STEP TWO: Divide:
(A) that part of each county's eligible property tax replacement
amount (as defined in IC 6-1.1-21-2) for that year as
determined under IC 6-1.1-21-4(a)(1) that is attributable to the
taxing district; by
(B) the amount determined under STEP ONE.
STEP THREE: Multiply:
(A) the STEP TWO quotient; by
(B) the taxpayer's taxes (as defined in IC 6-1.1-21-2) levied in
the taxing district allocated to the allocation fund, including
the amount that would have been allocated but for the credit.
(d) The commission may determine to grant to taxpayers in an
allocation area from its allocation fund a credit under this section, as
calculated under subsection (c). Except as provided in subsection (g),
one-half (1/2) of the credit shall be applied to each installment of taxes
(as defined in IC 6-1.1-21-2) that under IC 6-1.1-22-9 are due and
payable in a year. The commission must provide for the credit annually
by a resolution and must find in the resolution the following:
(1) That the money to be collected and deposited in the allocation
fund, based upon historical collection rates, after granting the
credit will equal the amounts payable for contractual obligations
from the fund, plus ten percent (10%) of those amounts.
(2) If bonds payable from the fund are outstanding, that there is
a debt service reserve for the bonds that at least equals the amount
of the credit to be granted.
(3) If bonds of a lessor under section 25.2 of this chapter or under
IC 36-1-10 are outstanding and if lease rentals are payable from
the fund, that there is a debt service reserve for those bonds that
at least equals the amount of the credit to be granted.
If the tax increment is insufficient to grant the credit in full, the
commission may grant the credit in part, prorated among all taxpayers.
(e) Notwithstanding section 39(b) of this chapter, the allocation
fund established under section 39(b) of this chapter for the allocation
area for a program adopted under section 45 of this chapter may only
be used to do one (1) or more of the following:
(1) Accomplish one (1) or more of the actions set forth in section
39(b)(2)(A) through 39(b)(2)(H) and 39(b)(2)(J) of this chapter
for property that is residential in nature.
(2) Reimburse the county or municipality for expenditures made
by the county or municipality in order to accomplish the housing
program in that allocation area.
The allocation fund may not be used for operating expenses of the
commission.
(f) Notwithstanding section 39(b) of this chapter, the commission
shall, relative to the allocation fund established under section 39(b) of
this chapter for an allocation area for a program adopted under section
45 of this chapter, do the following before July 15 of each year:
(1) Determine the amount, if any, by which property taxes payable
to the allocation fund in the following year the assessed value of
the taxable property in the allocation area, when multiplied
by the estimated tax rate of the allocation area, will exceed the
amount of assessed value needed to produce the property taxes
necessary:
(A) to make, when due, principal and interest payments on
bonds described in section 39(b)(2) of this chapter;
(B) to pay the amount necessary for other purposes described
in section 39(b)(2) of this chapter; and
(C) to reimburse the county or municipality for anticipated
expenditures described in subsection (e)(2).
(2) Notify Provide a written notice to the county auditor, of the
fiscal body of the county or municipality that established the
department of redevelopment, and the officers who are
authorized to fix budgets, tax rates, and tax levies under
IC 6-1.1-17-5 for each of the other taxing units that is wholly
or partly located within the allocation area. The notice must:
(A) state the amount, if any, of excess property taxes that the
commission has determined may be paid to the respective
taxing units in the manner prescribed in section 39(b)(1) of
this chapter; or
(B) state that the commission has determined that there is
no excess assessed value that may be allocated to the
respective taxing units in the manner prescribed in
subdivision (1).
The county auditor shall allocate to the respective taxing units
the amount, if any, of excess assessed value determined by the
commission.
(g) This subsection applies to an allocation area only to the extent
that the net assessed value of property that is assessed as residential
property under the rules of the department of local government finance
is not included in the base assessed value. If property tax installments
with respect to a homestead (as defined in IC 6-1.1-20.9-1) are due in
installments established by the department of local government finance
under IC 6-1.1-22-9.5, each taxpayer subject to those installments in an
allocation area is entitled to an additional credit under subsection (d)
for the taxes (as defined in IC 6-1.1-21-2) due in installments. The
credit shall be applied in the same proportion to each installment of
taxes (as defined in IC 6-1.1-21-2).
acquired for redevelopment purposes to any other department of
the unit or to any other governmental agency for public ways,
levees, sewerage, parks, playgrounds, schools, and other public
purposes on any terms that may be agreed on.
(4) Clear real property acquired for redevelopment purposes.
(5) Repair and maintain structures acquired for redevelopment
purposes.
(6) Remodel, rebuild, enlarge, or make major structural
improvements on structures acquired for redevelopment purposes.
(7) Survey or examine any land to determine whether the land
should be included within an economic development area to be
acquired for redevelopment purposes and to determine the value
of that land.
(8) Appear before any other department or agency of the unit, or
before any other governmental agency in respect to any matter
affecting:
(A) real property acquired or being acquired for
redevelopment purposes; or
(B) any economic development area within the jurisdiction of
the authority.
(9) Institute or defend in the name of the unit any civil action, but
all actions against the authority must be brought in the circuit or
superior court of the county where the authority is located.
(10) Use any legal or equitable remedy that is necessary or
considered proper to protect and enforce the rights of and perform
the duties of the authority.
(11) Exercise the power of eminent domain in the name of and
within the corporate boundaries of the unit subject to the same
conditions and procedures that apply to the exercise of the power
of eminent domain by a redevelopment commission under
IC 36-7-14.
(12) Appoint an executive director, appraisers, real estate experts,
engineers, architects, surveyors, and attorneys.
(13) Appoint clerks, guards, laborers, and other employees the
authority considers advisable, except that those appointments
must be made in accordance with the merit system of the unit if
such a system exists.
(14) Prescribe the duties and regulate the compensation of
employees of the authority.
(15) Provide a pension and retirement system for employees of
the authority by using the public employees' retirement fund or a
retirement plan approved by the United States Department of
Housing and Urban Development.
(16) Discharge and appoint successors to employees of the
authority subject to subdivision (13).
(17) Rent offices for use of the department or authority, or accept
the use of offices furnished by the unit.
(18) Equip the offices of the authority with the necessary
furniture, furnishings, equipment, records, and supplies.
(19) Design, order, contract for, and construct, reconstruct,
improve, or renovate the following:
(A) Any local public improvement or structure that is
necessary for redevelopment purposes or economic
development within the corporate boundaries of the unit.
(B) Any structure that enhances development or economic
development.
(20) Contract for the construction, extension, or improvement of
pedestrian skyways (as defined in IC 36-7-14-12.2(c)).
(21) Accept loans, grants, and other forms of financial assistance
from, or contract with, the federal government, the state
government, a municipal corporation, a special taxing district, a
foundation, or any other source.
(22) Make and enter into all contracts and agreements necessary
or incidental to the performance of the duties of the authority and
the execution of the powers of the authority under this chapter.
(23) Take any action necessary to implement the purpose of the
authority.
(24) Provide financial assistance, in the manner that best serves
the purposes set forth in section 11 of this chapter, including
grants and loans, to enable private enterprise to develop,
redevelop, and reuse military base property or otherwise enable
private enterprise to provide social and economic benefits to the
citizens of the unit.
(d) An authority may designate all or a portion of an economic
development area created under this section as an allocation area by
following the procedures set forth in IC 36-7-14-39 for the
establishment of an allocation area by a redevelopment commission.
The allocation provision may modify the definition of "property taxes"
under IC 36-7-14-39(a) to include taxes imposed under IC 6-1.1 on the
depreciable personal property located and taxable on the site of
operations of designated taxpayers in accordance with the procedures
applicable to a commission under IC 36-7-14-39.3. IC 36-7-14-39.3
applies to such a modification. An allocation area established by an
authority under this section is a special taxing district authorized by the
general assembly to enable the unit to provide special benefits to
taxpayers in the allocation area by promoting economic development
that is of public use and benefit. For allocation areas established for an
economic development area created under this section after June 30,
1997, and to the expanded portion of an allocation area for an
economic development area that was established before June 30, 1997,
and that is expanded under this section after June 30, 1997, the net
assessed value of property that is assessed as residential property under
the rules of the department of local government finance, as finally
determined for any assessment date, must be allocated. All of the
provisions of IC 36-7-14-39 IC 36-7-14-39.1, and IC 36-7-14-39.5
apply to an allocation area created under this section, except that the
authority shall be vested with the rights and duties of a commission as
referenced in those sections, and except that, notwithstanding
IC 36-7-14-39(b)(2), property tax proceeds paid into the allocation
fund may be used by the authority only to do one (1) or more of the
following:
(1) Pay the principal of and interest and redemption premium on
any obligations incurred by the special taxing district or any other
entity for the purpose of financing or refinancing military base
reuse activities in or serving or benefiting that allocation area.
(2) Establish, augment, or restore the debt service reserve for
obligations payable solely or in part from allocated tax proceeds
in that allocation area or from other revenues of the authority
(including lease rental revenues).
(3) Make payments on leases payable solely or in part from
allocated tax proceeds in that allocation area.
(4) Reimburse any other governmental body for expenditures
made by it for local public improvements or structures in or
serving or benefiting that allocation area.
(5) Subject to the approval of the legislative body of the unit
that established the authority, pay all or a portion of a property
tax replacement credit to taxpayers in an allocation area as
determined by the authority. This credit equals the amount
determined under the following STEPS for each taxpayer in a
taxing district (as defined in IC 6-1.1-1-20) that contains all or
part of the allocation area:
STEP ONE: Determine that part of the sum of the amounts
under IC 6-1.1-21-2(g)(1)(A), IC 6-1.1-21-2(g)(2),
IC 6-1.1-21-2(g)(3), IC 6-1.1-21-2(g)(4), and
IC 6-1.1-21-2(g)(5) that is attributable to the taxing district.
STEP TWO: Divide:
(A) that part of each county's eligible property tax
replacement amount (as defined in IC 6-1.1-21-2) for that
year as determined under IC 6-1.1-21-4 that is attributable
to the taxing district; by
(B) the STEP ONE sum.
STEP THREE: Multiply:
(A) the STEP TWO quotient; by
(B) the total amount of the taxpayer's taxes (as defined in
IC 6-1.1-21-2) levied in the taxing district that have been
allocated during that year to an allocation fund under this
section.
If not all the taxpayers in an allocation area receive the credit in
full, each taxpayer in the allocation area is entitled to receive the
same proportion of the credit. A taxpayer may not receive a credit
under this section and a credit under IC 36-7-14-39.5 in the same
year.
(6) Pay expenses incurred by the authority for local public
improvements or structures that are in the allocation area or
serving or benefiting the allocation area.
(7) Reimburse public and private entities for expenses incurred in
training employees of industrial facilities that are located:
(A) in the allocation area; and
(B) on a parcel of real property that has been classified as
industrial property under the rules of the department of local
government finance.
However, the total amount of money spent for this purpose in any
year may not exceed the total amount of money in the allocation
fund that is attributable to property taxes paid by the industrial
facilities described in clause (B). The reimbursements under this
subdivision must be made within three (3) years after the date on
which the investments that are the basis for the increment
financing are made. The allocation fund may not be used for
operating expenses of the authority.
(e) In addition to other methods of raising money for property
acquisition, redevelopment, or economic development activities in or
directly serving or benefitting an economic development area created
by an authority under this section, and in anticipation of the taxes
allocated under subsection (d), other revenues of the authority, or any
combination of these sources, the authority may, by resolution, issue
the bonds of the special taxing district in the name of the unit. Bonds
issued under this section may be issued in any amount without
limitation. The following apply if such a resolution is adopted:
(1) The authority shall certify a copy of the resolution authorizing
the bonds to the municipal or county fiscal officer, who shall then
prepare the bonds. The seal of the unit must be impressed on the
bonds, or a facsimile of the seal must be printed on the bonds.
(2) The bonds must be executed by the appropriate officer of the
unit and attested by the unit's fiscal officer.
(3) The bonds are exempt from taxation for all purposes.
(4) Bonds issued under this section may be sold at public sale in
accordance with IC 5-1-11 or at a negotiated sale.
(5) The bonds are not a corporate obligation of the unit but are an
indebtedness of the taxing district. The bonds and interest are
payable, as set forth in the bond resolution of the authority:
(A) from the tax proceeds allocated under subsection (d);
(B) from other revenues available to the authority; or
(C) from a combination of the methods stated in clauses (A)
and (B).
and other public purposes, on any terms that may be agreed upon.
(4) Clear real property acquired for redevelopment purposes.
(5) Enter on or into, inspect, investigate, and assess real property
and structures acquired or to be acquired for redevelopment
purposes to determine the existence, source, nature, and extent of
any environmental contamination, including the following:
(A) Hazardous substances.
(B) Petroleum.
(C) Other pollutants.
(6) Remediate environmental contamination, including the
following, found on any real property or structures acquired for
redevelopment purposes:
(A) Hazardous substances.
(B) Petroleum.
(C) Other pollutants.
(7) Repair and maintain structures acquired or to be acquired for
redevelopment purposes.
(8) Enter upon, survey, or examine any land, to determine whether
it should be included within an area needing redevelopment to be
acquired for redevelopment purposes, and determine the value of
that land.
(9) Appear before any other department or agency of the city, or
before any other governmental agency in respect to any matter
affecting:
(A) real property acquired or being acquired for
redevelopment purposes; or
(B) any area needing redevelopment within the jurisdiction of
the commission.
(10) Subject to section 13 of this chapter, exercise the power of
eminent domain in the name of the city, within the redevelopment
district, in the manner prescribed by this chapter.
(11) Establish a uniform fee schedule whenever appropriate for
the performance of governmental assistance, or for providing
materials and supplies to private persons in project or program
related activities.
(12) Expend, on behalf of the redevelopment district, all or any
part of the money available for the purposes of this chapter.
(13) Contract for the construction, extension, or improvement of
pedestrian skyways.
(14) Accept loans, grants, and other forms of financial assistance
from the federal government, the state government, a municipal
corporation, a special taxing district, a foundation, or any other
source.
(15) Provide financial assistance (including grants and loans) to
enable individuals and families to purchase or lease residential
units within the district. However, financial assistance may be
provided only to those individuals and families whose income is
at or below the county's median income for individuals and
families, respectively.
(16) Provide financial assistance (including grants and loans) to
neighborhood development corporations to permit them to:
(A) provide financial assistance for the purposes described in
subdivision (15); or
(B) construct, rehabilitate, or repair commercial property
within the district.
(17) Require as a condition of financial assistance to the owner of
a multiunit residential structure that any of the units leased by the
owner must be leased:
(A) for a period to be determined by the commission, which
may not be less than five (5) years;
(B) to families whose income does not exceed eighty percent
(80%) of the county's median income for families; and
(C) at an affordable rate.
Conditions imposed by the commission under this subdivision
remain in force throughout the period determined under clause
(A), even if the owner sells, leases, or conveys the property. The
subsequent owner or lessee is bound by the conditions for the
remainder of the period.
(18) Provide programs in job training, job enrichment, and basic
skill development for residents of an enterprise zone.
(19) Provide loans and grants for the purpose of stimulating
business activity in an enterprise zone or providing employment
for residents of an enterprise zone.
(20) Contract for the construction, extension, or improvement of:
(A) public ways, sidewalks, sewers, waterlines, parking
facilities, park or recreational areas, or other local public
improvements (as defined in IC 36-7-15.3-6) or structures that
are necessary for redevelopment of areas needing
redevelopment or economic development within the
redevelopment district; or
(B) any structure that enhances development or economic
development.
(b) In addition to its powers under subsection (a), the commission
may plan and undertake, alone or in cooperation with other agencies,
projects for the redevelopment of, rehabilitating, preventing the spread
of, or eliminating slums or areas needing redevelopment, both
residential and nonresidential, which projects may include any of the
following:
(1) The repair or rehabilitation of buildings or other
improvements by the commission, owners, or tenants.
(2) The acquisition of real property.
(3) Either of the following with respect to environmental
contamination on real property:
(A) Investigation.
(B) Remediation.
(4) The demolition and removal of buildings or improvements on
buildings acquired by the commission where necessary for any of
the following:
(A) To eliminate unhealthful, unsanitary, or unsafe conditions.
(B) To mitigate or eliminate environmental contamination.
(C) To lessen density.
(D) To reduce traffic hazards.
(E) To eliminate obsolete or other uses detrimental to public
welfare.
(F) To otherwise remove or prevent the conditions described
in IC 36-7-1-3.
(G) To provide land for needed public facilities.
(5) The preparation of sites and the construction of improvements
(such as public ways and utility connections) to facilitate the sale
or lease of property.
(6) The construction of buildings or facilities for residential,
commercial, industrial, public, or other uses.
(7) The disposition in accordance with this chapter, for uses in
accordance with the plans for the projects, of any property
acquired in connection with the projects.
(c) The commission may use its powers under this chapter relative
to real property and interests in real property obtained by voluntary sale
or transfer, even though the real property and interests in real property
are not located in a redevelopment or urban renewal project area
established by the adoption and confirmation of a resolution under
sections 8(c), 9, 10, and 11 of this chapter. In acquiring real property
and interests in real property outside of a redevelopment or urban
renewal project area, the commission shall comply with section 12(b)
through 12(e) of this chapter. The commission shall hold, develop, use,
and dispose of this real property and interests in real property
substantially in accordance with section 15 of this chapter.
(d) As used in this section, "pedestrian skyway" means a pedestrian
walkway within or outside of the public right-of-way and through and
above public or private property and buildings, including all structural
supports required to connect skyways to buildings or buildings under
construction. Pedestrian skyways constructed, extended, or improved
over or through public or private property constitute public property
and public improvements, constitute a public use and purpose, and do
not require vacation of any public way or other property.
(e) All powers that may be exercised under this chapter by the
commission may also be exercised by the commission in carrying out
its duties and purposes under IC 36-7-15.3.
SECTION 29, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
JULY 1, 2008]: Sec. 8. (a) Whenever the commission finds that:
(1) an area in the redevelopment district is an area needing
redevelopment;
(2) the conditions described in IC 36-7-1-3 cannot be corrected in
the area by regulatory processes or by the ordinary operations of
private enterprise without resort to this chapter; and
(3) the public health and welfare will be benefited by:
(A) the acquisition and redevelopment of the area under this
chapter as a redevelopment project area or an urban
renewal area; or
(B) the amendment of the resolution or plan, or both, for
an existing redevelopment project area or urban renewal
area; and
(4) in the case of an amendment to the resolution or plan for
an existing redevelopment project area or urban renewal
area:
(A) the amendment is reasonable and appropriate when
considered in relation to the original resolution or plan and
the purposes of this chapter;
(B) the resolution or plan, with the proposed amendment,
conforms to the comprehensive plan for the unit; and
(C) if the amendment enlarges the boundaries of the area,
the existing area does not generate sufficient revenue to
meet the financial obligations of the original project;
the commission shall cause to be prepared a redevelopment or urban
renewal plan.
(b) The redevelopment or urban renewal plan must include:
(1) maps, plats, or maps and plats, showing:
(A) the boundaries of the area needing redevelopment, in
which property would be acquired for, or otherwise
affected by, the establishment of a redevelopment project
area or urban renewal area, or the amendment of the
resolution or plan for an existing area;
(B) the location of the various parcels of property, public
ways, and other features affecting the acquisition, clearance,
replatting, replanning, rezoning, or redevelopment of the area
or areas, indicating any parcels of property to be excluded
from the acquisition or otherwise excluded from the effects
of the establishment of the redevelopment project area or
the amendment of the resolution or plan for an existing
area; and
(B) (C) the parts of the area acquired that are to be devoted to
public ways, levees, sewerage, parks, playgrounds, and other
public purposes;
(2) lists of the owners of the various parcels of property proposed
to be acquired for, or otherwise affected by, the establishment
of an area or the amendment of the resolution or plan for an
existing area; and
(3) an estimate of the cost of costs, if any, to be incurred for the
acquisition and redevelopment of property.
(c) This subsection applies to the initial establishment of a
redevelopment project area or urban renewal area. After
completion of the data required by subsection (b), the commission shall
adopt a resolution declaring that:
(1) the area needing redevelopment is a detriment to the social or
economic interests of the consolidated city and its inhabitants;
(2) it will be of public utility and benefit to acquire the area and
redevelop it under this chapter; and
(3) the area is designated as a redevelopment project area for
purposes of this chapter.
The resolution must state the general boundaries of the redevelopment
project area and identify the interests in real or personal property, if
any, that the department proposes to acquire in the area.
(d) This subsection applies to the amendment of the resolution
or plan for an existing redevelopment project area or urban
renewal area. After completion of the data required by subsection
(b), the redevelopment commission shall adopt a resolution
declaring that:
(1) if the amendment enlarges the boundaries of the area, the
existing area does not generate sufficient revenue to meet the
financial obligations of the original project;
(2) it will be of public utility and benefit to amend the
resolution or plan for the area; and
(3) any additional area to be acquired under the amendment
is designated as part of the existing redevelopment project
area or urban renewal area for purposes of this chapter.
The resolution must state the general boundaries of the
redevelopment project area or urban renewal area, including any
changes made to those boundaries by the amendment, and describe
the activities that the department is permitted to take under the
amendment, with any designated exceptions.
(d) (e) For the purpose of adopting a resolution under subsection (c)
or (d), it is sufficient to describe the boundaries of the redevelopment
project area by its location in relation to public ways or streams, or
otherwise, as determined by the commission. Property proposed for
acquisition may be described by street numbers or location.
to the comprehensive plan of development for the consolidated city and
approve or disapprove the resolution and plan proposed. If the
commission approves the resolution and plan, it shall submit the
resolution and plan to the legislative body of the consolidated city,
which may approve or disapprove the resolution and plan.
(b) In determining the location and extent of a redevelopment
project area proposed to be acquired for redevelopment, the
commission shall give consideration to transitional and permanent
provisions for adequate housing for the residents of the area who will
be displaced by the redevelopment project.
described in the resolution.
This subsection does not prohibit the granting of permits for ordinary
maintenance or minor remodeling, or for changes necessary for the
continued occupancy of buildings in the area.
(c) If the resolution to be considered at the hearing includes a
provision establishing or amending an allocation provision under
section 26 of this chapter, the commission shall file the following
information with each taxing unit that is wholly or partly located within
the allocation area:
(1) A copy of the notice required by subsection (a).
(2) A statement disclosing the impact of the allocation area,
including the following:
(A) The estimated economic benefits and costs incurred by the
allocation area, as measured by increased employment and
anticipated growth of real property assessed values.
(B) The anticipated impact on tax revenues of each taxing unit.
The commission shall file the information required by this subsection
with the officers of the taxing unit who are authorized to fix budgets,
tax rates, and tax levies under IC 6-1.1-17-5 at least ten (10) days
before the date of the hearing.
(d) At the hearing, which may be adjourned from time to time, the
commission shall hear all persons interested in the proceedings and
shall consider all written remonstrances and objections that have been
filed. After considering the evidence presented, the commission shall
take final action determining the public utility and benefit of the
proposed project or other actions to be taken under the resolution,
and confirming, modifying and confirming, or rescinding the
resolution. The final action taken by the commission shall be recorded
and is final and conclusive, except that an appeal may be taken under
section 11 of this chapter.
considered the enlargement of the boundaries of an area.
(c) When the commission proposes to amend a resolution or plan,
the commission is not required to have evidence or make findings that
were required for the establishment of the original redevelopment
project area, urban renewal area, or economic development area.
However, the commission must make the following findings before
approving the amendment:
(1) The amendment is reasonable and appropriate when
considered in relation to the original resolution or plan and the
purposes of this chapter.
(2) The resolution or plan, with the proposed amendment,
conforms to the comprehensive plan for the county.
(d) (a) In addition to the requirements of subsection (a), section 10
of this chapter, if the resolution or plan for an existing
redevelopment project area or urban renewal area is proposed to
be amended in a way that changes:
(1) parts of the area that are to be devoted to a public way, levee,
sewerage, park, playground, or other public purpose;
(2) the proposed use of the land in the area; or
(3) requirements for rehabilitation, building requirements,
proposed zoning, maximum densities, or similar requirements;
the commission must, at least ten (10) days before the public hearing
under section 10 of this chapter, send the notice required by
subsection (a) section 10 of this chapter by first class mail to affected
neighborhood associations.
(e) (b) In addition to the requirements of subsection (a), section 10
of this chapter, if the resolution or plan for an existing
redevelopment project area or urban renewal area is proposed to
be amended in a way that:
(1) enlarges the boundaries of the area; by not more than twenty
percent (20%) of the original area; or
(2) adds one (1) or more parcels to the list of parcels to be
acquired;
the commission must, at least ten (10) days before the public hearing
under section 10 of this chapter, send the notice required by
subsection (a) section 10 of this chapter by first class mail to affected
neighborhood associations and to persons owning property that is in the
proposed enlargement of the area or that is proposed to be added to the
acquisition list. If the enlargement of an area is proposed, notice must
also be filed in accordance with section 10(b) of this chapter, and
agencies and officers may not take actions prohibited by section 10(b)
in the proposed enlarged area.
(f) Notwithstanding subsections (a) and (c), if the resolution or plan
is proposed to be amended in a way that enlarges the original
boundaries of the area by more than twenty percent (20%), the
commission must use the procedure provided for the original
establishment of areas and must comply with sections 8 through 10 of
this chapter.
(g) At the hearing on the amendments, the commission shall
consider written remonstrances that are filed. The action of the
commission on the amendment shall be recorded and is final and
conclusive, except that:
(1) the city-county legislative body must also approve the
enlargement of the boundaries of an economic development area;
and
(2) an appeal of the commission's action may be taken under
section 11 of this chapter.
(h) (c) The commission may require that neighborhood associations
register with the commission. The commission may adopt a rule that
requires that a neighborhood association encompass a part of the
geographic area included in or proposed to be included in a
redevelopment project area, urban renewal area, or economic
development area to qualify as an affected neighborhood association.
in this chapter.
(d) The budgets and tax levies under this chapter are subject to
review and modification in the manner prescribed by IC 36-3-6.
the bonds to the fiscal officer of the consolidated city, who shall then
prepare the bonds. The seal of the unit must be impressed on the bonds,
or a facsimile of the seal must be printed on the bonds.
(e) The bonds shall be executed by the city executive and attested
by the fiscal officer. The interest coupons, if any, shall be executed by
the facsimile signature of the fiscal officer.
(f) The bonds are exempt from taxation as provided by IC 6-8-5.
(g) The city fiscal officer shall sell the bonds according to law.
Notwithstanding IC 36-3-5-8, bonds payable solely or in part from tax
proceeds allocated under section 26(b)(2) of this chapter or other
revenues of the district may be sold at private negotiated sale and at a
price or prices not less than ninety-seven percent (97%) of the par
value.
(h) The bonds are not a corporate obligation of the city but are an
indebtedness of the redevelopment district. The bonds and interest are
payable:
(1) from a special tax levied upon all of the property in the
redevelopment district, as provided by section 19 of this chapter;
(2) from the tax proceeds allocated under section 26(b)(2) of this
chapter;
(3) from other revenues available to the commission; or
(4) from a combination of the methods stated in subdivisions (1)
through (3);
and from any revenues of the designated project. If the bonds are
payable solely from the tax proceeds allocated under section 26(b)(2)
of this chapter, other revenues of the redevelopment commission, or
any combination of these sources, they may be issued in any amount
without limitation.
(i) Proceeds from the sale of the bonds may be used to pay the cost
of interest on the bonds for a period not to exceed five (5) years from
the date of issue.
(j) Notwithstanding As provided by IC 36-3-5-8, the laws relating
to the filing of petitions requesting the issuance of bonds and the right
of taxpayers and voters to remonstrate against the issuance of bonds
applicable to bonds issued under this chapter do not apply to bonds
issued under this chapter. However, this subsection does not apply
to bonds that:
(1) are payable solely or in part from tax proceeds allocated under
section 26(b)(2) of this chapter, other revenues of the
commission, or any combination of these sources; and
(2) were:
(A) issued before July 1, 2008;
(B) issued after June 30, 2008, but authorized by a
resolution adopted under this section before July 1, 2008;
or
(C) issued after June 30, 2008, in order to:
(i) fulfill the terms of agreements or pledges entered into
before July 1, 2008, with the holders of bonds or other
contractual obligations that were issued or entered into
before July 1, 2008; or
(ii) otherwise prevent an impairment of the rights or
remedies of the holders of bonds or other contractual
obligations that were issued or entered into before July
1, 2008.
(k) If bonds are issued under this chapter that are payable solely or
in part from revenues to the commission from a project or projects, the
commission may adopt a resolution or trust indenture or enter into
covenants as is customary in the issuance of revenue bonds. The
resolution or trust indenture may pledge or assign the revenues from
the project or projects, but may not convey or mortgage any project or
parts of a project. The resolution or trust indenture may also contain
any provisions for protecting and enforcing the rights and remedies of
the bond owners as may be reasonable and proper and not in violation
of law, including covenants setting forth the duties of the commission.
The commission may establish fees and charges for the use of any
project and covenant with the owners of any bonds to set those fees and
charges at a rate sufficient to protect the interest of the owners of the
bonds. Any revenue bonds issued by the commission that are payable
solely from revenues of the commission must contain a statement to
that effect in the form of bond.
by publication in accordance with IC 5-3-1. After the public hearing,
the commission may adopt a resolution authorizing the execution of the
lease on behalf of the unit if it finds that the service to be provided
throughout the term of the lease will serve the public purpose of the
unit and is in the best interests of its residents. Any lease approved by
a resolution of the commission must be approved by an ordinance of
the fiscal body of the unit.
(d) Upon execution of a lease providing for payments by the
commission in whole or in part from the levy of special benefits taxes
under section 19 of this chapter and upon approval of the lease by the
fiscal body, the commission shall publish notice of the execution of the
lease and its approval in accordance with IC 5-3-1. Fifty (50) or more
taxpayers residing in the district who will be affected by the lease and
who may be of the opinion that no necessity exists for the execution of
the lease or that the payments provided for in the lease are not fair and
reasonable may file a petition in the office of the county auditor within
thirty (30) days after the publication of the notice of execution and
approval. The petition must set forth the petitioners' names, addresses,
and objections to the lease and the facts showing that the execution of
the lease is unnecessary or unwise or that the payments provided for in
the lease are not fair and reasonable, as the case may be. Upon the
filing of the petition, the county auditor shall immediately certify a
copy of it, together with such other data as may be necessary in order
to present the questions involved, to the department of local
government finance. Upon receipt of the certified petition and
information, the department of local government finance shall fix a
time and place for the hearing in the redevelopment district, which
must be not less than five (5) or more than thirty (30) days after the
time for the hearing is fixed. Notice of the hearing shall be given by the
department of local government finance to the members of the fiscal
body, to the commission, and to the first fifty (50) petitioners on the
petition by a letter signed by the commissioner or deputy commissioner
of the department and enclosed with fully prepaid postage sent to those
persons at their usual place of residence, at least five (5) days before
the date of the hearing. The decision of the department of local
government finance on the appeal, upon the necessity for the execution
of the lease and as to whether the payments under it are fair and
reasonable, is final.
(e) A commission entering into a lease payable from allocated taxes
under section 26 of this chapter or revenues or other available funds of
the commission may:
(1) pledge the revenue to make payments under the lease pursuant
to IC 5-1-14-4; and
(2) establish a special fund to make the payments.
Lease rentals may be limited to money in the special fund so that the
obligations of the commission to make the lease rental payments are
not considered a debt of the unit or the district for purposes of the
Constitution of the State of Indiana.
(f) Except as provided in this section, no approvals of any
governmental body or agency are required before the commission
enters into a lease under this section.
(g) An action to contest the validity of the lease or to enjoin the
performance of any of its terms and conditions must be brought within
thirty (30) days after the publication of the notice of the execution and
approval of the lease. However, if the lease is payable in whole or in
part from tax levies and an appeal has been taken to the department of
local government finance, an action to contest the validity or to enjoin
performance must be brought within thirty (30) days after the decision
of the department.
(h) If a commission exercises an option to buy a leased facility from
a lessor, the commission may subsequently sell the leased facility,
without regard to any other statute, to the lessor at the end of the lease
term at a price set forth in the lease or at fair market value established
at the time of the sale by the commission through auction, appraisal, or
arms length negotiation. If the facility is sold at auction, after appraisal,
or through negotiation, the commission shall conduct a hearing after
public notice in accordance with IC 5-3-1 before the sale. Any action
to contest the sale must be brought within fifteen (15) days after the
hearing.
indebtedness of the city or redevelopment district within the meaning
of any constitutional or statutory limitation of indebtedness. The bonds,
notes, or warrants are not payable from or secured by a levy of taxes,
but are payable only from and secured only by income, funds, and
properties of the project becoming available to the commission under
this chapter or by grant funds from the federal government, as the
commission specifies in the resolution authorizing their issuance.
(e) Bonds, notes, or warrants issued under this section are exempt
from taxation as provided by IC 6-8-5.
(f) Bonds, notes, or warrants issued under this section shall be
executed by the city executive and attested by the fiscal officer in the
name of the "City of ____________________, Department of
Metropolitan Development".
(g) Following the adoption of the resolution authorizing the issuance
of bonds, notes, or warrants under this section, the commission shall
certify a copy of that resolution to the officers of the city who have
duties with respect to bonds, notes, or warrants of the city. At the
proper time, the commission shall deliver to the officers the unexecuted
bonds, notes, or warrants prepared for execution in accordance with the
resolution.
(h) All bonds, notes, or warrants issued under this section shall be
sold by the officers of the city who have duties with respect to the sale
of bonds, notes, or warrants of the city. If an officer whose signature
appears on any bonds, notes, or warrants issued under this section
leaves office before their delivery, the signature remains valid and
sufficient for all purposes as if he had remained in office until the
delivery.
(i) If at any time during the life of a loan contract or agreement
under this section the commission can obtain loans for the purposes of
this section from sources other than the federal government at interest
rates not less favorable than provided in the loan contract or agreement,
and if the loan contract or agreement so permits, the commission may
do so and may pledge the loan contract and any rights under that
contract as security for the repayment of the loans obtained from other
sources. Any loan under this subsection may be evidenced by bonds,
notes, or warrants issued and secured in the same manner as provided
in this section for loans from the federal government. These bonds,
notes, or warrants may be sold at either public or private sale, as the
commission considers appropriate.
(j) Money obtained from the federal government or from other
sources under this section, and money that is required by a contract or
agreement under this section to be used for project expenditure
purposes, repayment of survey and planning advances, or repayment of
temporary or definitive loans, may be expended by the commission
without regard to any law pertaining to the making and approval of
budgets, appropriations, and expenditures.
areas, the net assessed value of all the property as finally
determined for the assessment date immediately preceding the
effective date of the allocation provision of the declaratory
resolution, as adjusted under subsection (h).
(5) If an allocation area established in an economic development
area before July 1, 1995, is expanded after June 30, 1995, the
definition in subdivision (1) applies to the expanded part of the
area added after June 30, 1995.
(6) If an allocation area established in a redevelopment project
area before July 1, 1997, is expanded after June 30, 1997, the
definition in subdivision (2) applies to the expanded part of the
area added after June 30, 1997.
Except as provided in section 26.2 of this chapter, "property taxes"
means taxes imposed under IC 6-1.1 on real property. However, upon
approval by a resolution of the redevelopment commission adopted
before June 1, 1987, "property taxes" also includes taxes imposed
under IC 6-1.1 on depreciable personal property. If a redevelopment
commission adopted before June 1, 1987, a resolution to include within
the definition of property taxes taxes imposed under IC 6-1.1 on
depreciable personal property that has a useful life in excess of eight
(8) years, the commission may by resolution determine the percentage
of taxes imposed under IC 6-1.1 on all depreciable personal property
that will be included within the definition of property taxes. However,
the percentage included must not exceed twenty-five percent (25%) of
the taxes imposed under IC 6-1.1 on all depreciable personal property.
(b) A resolution adopted under section 8 of this chapter on or before
the allocation deadline determined under subsection (i) may include a
provision with respect to the allocation and distribution of property
taxes for the purposes and in the manner provided in this section. A
resolution previously adopted may include an allocation provision by
the amendment of that resolution on or before the allocation deadline
determined under subsection (i) in accordance with the procedures
required for its original adoption. A declaratory resolution or an
amendment that establishes an allocation provision after June 30, 1995,
must specify an expiration date for the allocation provision. that For an
allocation area established before July 1, 2008, the expiration date
may not be more than thirty (30) years after the date on which the
allocation provision is established. For an allocation area established
after June 30, 2008, the expiration date may not be more than
twenty-five (25) years after the date on which the allocation
provision is established. However, with respect to bonds or other
obligations that were issued before July 1, 2008, if any of the bonds
or other obligations that were scheduled when issued to mature before
the specified expiration date and that are payable only from allocated
tax proceeds with respect to the allocation area remain outstanding as
of the expiration date, the allocation provision does not expire until all
of the bonds or other obligations are no longer outstanding. The
allocation provision may apply to all or part of the redevelopment
project area. The allocation provision must require that any property
taxes subsequently levied by or for the benefit of any public body
entitled to a distribution of property taxes on taxable property in the
allocation area be allocated and distributed as follows:
(1) Except as otherwise provided in this section, the proceeds of
the taxes attributable to the lesser of:
(A) the assessed value of the property for the assessment date
with respect to which the allocation and distribution is made;
or
(B) the base assessed value;
shall be allocated to and, when collected, paid into the funds of
the respective taxing units.
(2) Except as otherwise provided in this section, property tax
proceeds in excess of those described in subdivision (1) shall be
allocated to the redevelopment district and, when collected, paid
into a special fund for that allocation area that may be used by the
redevelopment district only to do one (1) or more of the
following:
(A) Pay the principal of and interest on any obligations
payable solely from allocated tax proceeds that are incurred by
the redevelopment district for the purpose of financing or
refinancing the redevelopment of that allocation area.
(B) Establish, augment, or restore the debt service reserve for
bonds payable solely or in part from allocated tax proceeds in
that allocation area.
(C) Pay the principal of and interest on bonds payable from
allocated tax proceeds in that allocation area and from the
special tax levied under section 19 of this chapter.
(D) Pay the principal of and interest on bonds issued by the
consolidated city to pay for local public improvements in that
are physically located in or physically connected to that
allocation area.
(E) Pay premiums on the redemption before maturity of bonds
payable solely or in part from allocated tax proceeds in that
allocation area.
(F) Make payments on leases payable from allocated tax
proceeds in that allocation area under section 17.1 of this
chapter.
(G) Reimburse the consolidated city for expenditures for local
public improvements (which include buildings, parking
facilities, and other items set forth in section 17 of this
chapter) in that are physically located in or physically
connected to that allocation area.
(H) Reimburse the unit for rentals paid by it for a building or
parking facility in that is physically located in or physically
connected to that allocation area under any lease entered into
under IC 36-1-10.
(I) Reimburse public and private entities for expenses incurred
in training employees of industrial facilities that are located:
(i) in the allocation area; and
(ii) on a parcel of real property that has been classified as
industrial property under the rules of the department of local
government finance.
However, the total amount of money spent for this purpose in
any year may not exceed the total amount of money in the
allocation fund that is attributable to property taxes paid by the
industrial facilities described in this clause. The
reimbursements under this clause must be made within three
(3) years after the date on which the investments that are the
basis for the increment financing are made.
The special fund may not be used for operating expenses of the
commission.
(3) Before July 15 of each year, the commission shall do the
following:
(A) Determine the amount, if any, by which the base assessed
value of the taxable property in the allocation area, when
multiplied by the estimated tax rate of the allocated allocation
area, will exceed the amount of assessed value needed to
provide the property taxes necessary to make, when due,
principal and interest payments on bonds described in
subdivision (2) plus the amount necessary for other purposes
described in subdivision (2) and subsection (g).
(B) Notify Provide a written notice to the county auditor, of
the legislative body of the consolidated city, and the
officers who are authorized to fix budgets, tax rates, and
tax levies under IC 6-1.1-17-5 for each of the other taxing
units that is wholly or partly located within the allocation
area. The notice must:
(i) state the amount, if any, of excess assessed value that the
commission has determined may be allocated to the
respective taxing units in the manner prescribed in
subdivision (1); or
(ii) state that the commission has determined that there
is no excess assessed value that may be allocated to the
respective taxing units in the manner prescribed in
subdivision (1).
The county auditor shall allocate to the respective taxing
units the amount, if any, of excess assessed value
determined by the commission. The commission may not
authorize an allocation to the respective taxing units under this
subdivision if to do so would endanger the interests of the
holders of bonds described in subdivision (2).
(c) For the purpose of allocating taxes levied by or for any taxing
unit or units, the assessed value of taxable property in a territory in the
allocation area that is annexed by any taxing unit after the effective
date of the allocation provision of the resolution is the lesser of:
(1) the assessed value of the property for the assessment date with
respect to which the allocation and distribution is made; or
(2) the base assessed value.
(d) Property tax proceeds allocable to the redevelopment district
under subsection (b)(2) may, subject to subsection (b)(3), be
irrevocably pledged by the redevelopment district for payment as set
forth in subsection (b)(2).
(e) Notwithstanding any other law, each assessor shall, upon
petition of the commission, reassess the taxable property situated upon
or in, or added to, the allocation area, effective on the next assessment
date after the petition.
(f) Notwithstanding any other law, the assessed value of all taxable
property in the allocation area, for purposes of tax limitation, property
tax replacement, and formulation of the budget, tax rate, and tax levy
for each political subdivision in which the property is located is the
lesser of:
(1) the assessed value of the property as valued without regard to
this section; or
(2) the base assessed value.
(g) If any part of the allocation area is located in an enterprise zone
created under IC 5-28-15, the unit that designated the allocation area
shall create funds as specified in this subsection. A unit that has
obligations, bonds, or leases payable from allocated tax proceeds under
subsection (b)(2) shall establish an allocation fund for the purposes
specified in subsection (b)(2) and a special zone fund. Such a unit
shall, until the end of the enterprise zone phase out period, deposit each
year in the special zone fund the amount in the allocation fund derived
from property tax proceeds in excess of those described in subsection
(b)(1) from property located in the enterprise zone that exceeds the
amount sufficient for the purposes specified in subsection (b)(2) for the
year. A unit that has no obligations, bonds, or leases payable from
allocated tax proceeds under subsection (b)(2) shall establish a special
zone fund and deposit all the property tax proceeds in excess of those
described in subsection (b)(1) in the fund derived from property tax
proceeds in excess of those described in subsection (b)(1) from
property located in the enterprise zone. The unit that creates the special
zone fund shall use the fund, based on the recommendations of the
urban enterprise association, for one (1) or more of the following
purposes:
(1) To pay for programs in job training, job enrichment, and basic
skill development designed to benefit residents and employers in
the enterprise zone. The programs must reserve at least one-half
(1/2) of the enrollment in any session for residents of the
enterprise zone.
(2) To make loans and grants for the purpose of stimulating
business activity in the enterprise zone or providing employment
for enterprise zone residents in the enterprise zone. These loans
and grants may be made to the following:
(A) Businesses operating in the enterprise zone.
(B) Businesses that will move their operations to the enterprise
zone if such a loan or grant is made.
(3) To provide funds to carry out other purposes specified in
subsection (b)(2). However, where reference is made in
subsection (b)(2) to the allocation area, the reference refers for
purposes of payments from the special zone fund only to that part
of the allocation area that is also located in the enterprise zone.
(h) The state board of accounts and department of local government
finance shall make the rules and prescribe the forms and procedures
that they consider expedient for the implementation of this chapter.
After each general reassessment under IC 6-1.1-4, the department of
local government finance shall adjust the base assessed value one (1)
time to neutralize any effect of the general reassessment on the
property tax proceeds allocated to the redevelopment district under this
section. After each annual adjustment under IC 6-1.1-4-4.5, the
department of local government finance shall adjust the base assessed
value to neutralize any effect of the annual adjustment on the property
tax proceeds allocated to the redevelopment district under this section.
However, the adjustments under this subsection may not include the
effect of property tax abatements under IC 6-1.1-12.1, and these
adjustments may not produce less property tax proceeds allocable to
the redevelopment district under subsection (b)(2) than would
otherwise have been received if the general reassessment or annual
adjustment had not occurred. The department of local government
finance may prescribe procedures for county and township officials to
follow to assist the department in making the adjustments.
(i) The allocation deadline referred to in subsection (b) is
determined in the following manner:
(1) The initial allocation deadline is December 31, 2011.
(2) Subject to subdivision (3), the initial allocation deadline and
subsequent allocation deadlines are automatically extended in
increments of five (5) years, so that allocation deadlines
subsequent to the initial allocation deadline fall on December 31,
2016, and December 31 of each fifth year thereafter.
(3) At least one (1) year before the date of an allocation deadline
determined under subdivision (2), the general assembly may enact
a law that:
the enlargement of any boundary in the economic development area
must be approved by the city-county legislative body, and a boundary
may not be enlarged unless the existing area does not generate
sufficient revenue to meet the financial obligations of the original
project.
allocation provision, as adjusted under section 26(g) of this chapter.
However, "base assessed value" does not include the value of real
property improvements to the land.
(b) The special fund established under section 26(b) of this chapter
for the allocation area for a program adopted under section 32 of this
chapter may be used only for purposes related to the accomplishment
of the program, including the following:
(1) The construction, rehabilitation, or repair of residential units
within the allocation area.
(2) The construction, reconstruction, or repair of infrastructure
(such as streets, sidewalks, and sewers) within or serving the
allocation area.
(3) The acquisition of real property and interests in real property
within the allocation area.
(4) The demolition of real property within the allocation area.
(5) To provide financial assistance to enable individuals and
families to purchase or lease residential units within the allocation
area. However, financial assistance may be provided only to those
individuals and families whose income is at or below the county's
median income for individuals and families, respectively.
(6) To provide financial assistance to neighborhood development
corporations to permit them to provide financial assistance for the
purposes described in subdivision (5).
(7) To provide each taxpayer in the allocation area a credit for
property tax replacement as determined under subsections (c) and
(d). However, this credit may be provided by the commission only
if the city-county legislative body establishes the credit by
ordinance adopted in the year before the year in which the credit
is provided.
(c) The maximum credit that may be provided under subsection
(b)(7) to a taxpayer in a taxing district that contains all or part of an
allocation area established for a program adopted under section 32 of
this chapter shall be determined as follows:
STEP ONE: Determine that part of the sum of the amounts
described in IC 6-1.1-21-2(g)(1)(A) and IC 6-1.1-21-2(g)(2)
through IC 6-1.1-21-2(g)(5) that is attributable to the taxing
district.
STEP TWO: Divide:
(A) that part of each county's eligible property tax replacement
amount (as defined in IC 6-1.1-21-2) for that year as
determined under IC 6-1.1-21-4(a)(1) that is attributable to the
taxing district; by
(B) the amount determined under STEP ONE.
STEP THREE: Multiply:
(A) the STEP TWO quotient; by
(B) the taxpayer's taxes (as defined in IC 6-1.1-21-2) levied in
the taxing district allocated to the allocation fund, including
the amount that would have been allocated but for the credit.
(d) Except as provided in subsection (g), the commission may
determine to grant to taxpayers in an allocation area from its allocation
fund a credit under this section, as calculated under subsection (c), by
applying one-half (1/2) of the credit to each installment of taxes (as
defined in IC 6-1.1-21-2) that under IC 6-1.1-22-9 are due and payable
in a year. Except as provided in subsection (g), one-half (1/2) of the
credit shall be applied to each installment of taxes (as defined in
IC 6-1.1-21-2). The commission must provide for the credit annually
by a resolution and must find in the resolution the following:
(1) That the money to be collected and deposited in the allocation
fund, based upon historical collection rates, after granting the
credit will equal the amounts payable for contractual obligations
from the fund, plus ten percent (10%) of those amounts.
(2) If bonds payable from the fund are outstanding, that there is
a debt service reserve for the bonds that at least equals the amount
of the credit to be granted.
(3) If bonds of a lessor under section 17.1 of this chapter or under
IC 36-1-10 are outstanding and if lease rentals are payable from
the fund, that there is a debt service reserve for those bonds that
at least equals the amount of the credit to be granted.
If the tax increment is insufficient to grant the credit in full, the
commission may grant the credit in part, prorated among all taxpayers.
(e) Notwithstanding section 26(b) of this chapter, the special fund
established under section 26(b) of this chapter for the allocation area
for a program adopted under section 32 of this chapter may only be
used to do one (1) or more of the following:
(1) Accomplish one (1) or more of the actions set forth in section
26(b)(2)(A) through 26(b)(2)(H) of this chapter.
(2) Reimburse the consolidated city for expenditures made by the
city in order to accomplish the housing program in that allocation
area.
The special fund may not be used for operating expenses of the
commission.
(f) Notwithstanding section 26(b) of this chapter, the commission
shall, relative to the special fund established under section 26(b) of this
chapter for an allocation area for a program adopted under section 32
of this chapter, do the following before July 15 of each year:
(1) Determine the amount, if any, by which property taxes payable
to the allocation fund in the following year the assessed value of
the taxable property in the allocation area, when multiplied
by the estimated tax rate of the allocation area, will exceed the
amount of assessed value needed to produce the property taxes
necessary:
(A) to make, when due, principal and interest payments on
bonds described in section 26(b)(2) of this chapter;
(B) to pay the amount necessary for other purposes described
in section 26(b)(2) of this chapter; and
(C) to reimburse the consolidated city for anticipated
expenditures described in subsection (e)(2).
(2) Notify Provide a written notice to the county auditor, of the
legislative body of the consolidated city, and the officers who
are authorized to fix budgets, tax rates, and tax levies under
IC 6-1.1-17-5 for each of the other taxing units that is wholly
or partly located within the allocation area. The notice must:
(A) state the amount, if any, of excess property taxes assessed
value that the commission has determined may be paid
allocated to the respective taxing units in the manner
prescribed in section 26(b)(1) of this chapter; or
(B) state that the commission has determined that there is
no excess assessed value that may be allocated to the
respective taxing units in the manner prescribed in
subsection 26(b)(1) of this chapter.
The county auditor shall allocate to the respective taxing units
the amount, if any, of excess assessed value determined by the
commission.
(g) This subsection applies to an allocation area only to the extent
that the net assessed value of property that is assessed as residential
property under the rules of the department of local government finance
is not included in the base assessed value. If property tax installments
with respect to a homestead (as defined in IC 6-1.1-20.9-1) are due in
installments established by the department of local government finance
under IC 6-1.1-22-9.5, each taxpayer subject to those installments in an
allocation area is entitled to an additional credit under subsection (d)
for the taxes (as defined in IC 6-1.1-21-2) due in installments. The
credit shall be applied in the same proportion to each installment of
taxes (as defined in IC 6-1.1-21-2).
under subsection (a) and is aggrieved by the final action taken may
seek appeal of the action by following the procedures for appeal set
forth in section 11 of this chapter. The appeal hearing is governed by
the procedures of section 11(b) of this chapter.
prepare the bonds. The seal of the unit must be impressed on the bonds,
or a facsimile of the seal must be printed on the bonds.
(e) The bonds shall be executed by the excluded city executive and
attested by the excluded city fiscal officer. The interest coupons, if any,
shall be executed by the facsimile signature of the excluded city fiscal
officer.
(f) The bonds are exempt from taxation as provided by IC 6-8-5.
(g) The excluded city fiscal officer shall sell the bonds according to
law. Bonds payable solely or in part from tax proceeds allocated under
section 53(b)(2) of this chapter or other revenues of the district may be
sold at private negotiated sale and at a price or prices not less than
ninety-seven percent (97%) of the par value.
(h) The bonds are not a corporate obligation of the excluded city but
are an indebtedness of the redevelopment district. The bonds and
interest are payable:
(1) from a special tax levied upon all of the property in the
redevelopment district, as provided by section 50 of this chapter;
(2) from the tax proceeds allocated under section 53(b)(2) of this
chapter;
(3) from other revenues available to the commission; or
(4) from a combination of the methods described in subdivisions
(1) through (3);
and from any revenues of the designated project. If the bonds are
payable solely from the tax proceeds allocated under section 53(b)(2)
of this chapter, other revenues of the redevelopment commission, or
any combination of these sources, they may be issued in any amount
without limitation.
(i) Proceeds from the sale of the bonds may be used to pay the cost
of interest on the bonds for a period not to exceed five (5) years from
the date of issue.
(j) The laws relating to the filing of petitions requesting the issuance
of bonds and the right of taxpayers and voters to remonstrate against
the issuance of bonds applicable to bonds issued under this chapter do
not apply to bonds payable solely or in part from tax proceeds allocated
under section 53(b)(2) of this chapter, other revenues of the
commission, or any combination of these sources. However, this
subsection does not apply to the bonds if they were:
(1) issued before July 1, 2008;
(2) issued after June 30, 2008, but authorized by a resolution
adopted under this section before July 1, 2008; or
(3) issued after June 30, 2008, in order to:
(A) fulfill the terms of agreements or pledges entered into
before July 1, 2008, with the holders of bonds or other
contractual obligations that were issued or entered into
before July 1, 2008; or
(B) otherwise prevent an impairment of the rights or
remedies of the holders of bonds or other contractual
obligations that were issued or entered into before July 1,
2008.
(k) If bonds are issued under this chapter that are payable solely or
in part from revenues to a commission from a project or projects, a
commission may adopt a resolution or trust indenture or enter into
covenants as is customary in the issuance of revenue bonds. The
resolution or trust indenture may pledge or assign the revenues from
the project or projects but may not convey or mortgage any project or
parts of a project. The resolution or trust indenture may also contain
any provisions for protecting and enforcing the rights and remedies of
the bond owners as may be reasonable and proper and not in violation
of law, including covenants setting forth the duties of the commission.
The commission may establish fees and charges for the use of any
project and covenant with the owners of bonds to set those fees and
charges at a rate sufficient to protect the interest of the owners of the
bonds. Any revenue bonds issued by the commission that are payable
solely from revenues of the commission must contain a statement to
that effect in the form of bond.
a resolution of the commission must be approved by an ordinance of
the fiscal body of the excluded city.
(d) Upon execution of a lease providing for payments by the
commission in whole or in part from the levy of special benefits taxes
under section 50 of this chapter and upon approval of the lease by the
fiscal body, the commission shall publish notice of the execution of the
lease and its approval in accordance with IC 5-3-1. Fifty (50) or more
taxpayers residing in the district who will be affected by the lease and
who may be of the opinion that no necessity exists for the execution of
the lease or that the payments provided for in the lease are not fair and
reasonable may file a petition in the office of the county auditor within
thirty (30) days after the publication of the notice of execution and
approval. The petition must set forth the petitioners' names, addresses,
and objections to the lease and the facts showing that the execution of
the lease is unnecessary or unwise or that the payments provided for in
the lease are not fair and reasonable, as the case may be. Upon the
filing of the petition, the county auditor shall immediately certify a
copy of the petition, together with such other data as may be necessary
in order to present the questions involved, to the department of local
government finance. Upon receipt of the certified petition and
information, the department of local government finance shall fix a
time and place for the hearing in the redevelopment district, which
must not be less than five (5) or more than thirty (30) days after the
time for the hearing is fixed. Notice of the hearing shall be given by the
department of local government finance to the members of the fiscal
body, to the commission, and to the first fifty (50) petitioners on the
petition by a letter signed by the commissioner or deputy commissioner
of the department and enclosed with fully prepaid postage sent to those
persons at their usual place of residence, at least five (5) days before
the date of the hearing. The decision of the department of local
government finance on the appeal, upon the necessity for the execution
of the lease and as to whether the payments under it are fair and
reasonable, is final.
(e) A commission entering into a lease payable from allocated taxes
under section 53 of this chapter or revenues or other available funds of
the commission may:
(1) pledge the revenue to make payments under the lease as
provided in IC 5-1-14-4; and
(2) establish a special fund to make the payments.
Lease rentals may be limited to money in the special fund so that the
obligations of the commission to make the lease rental payments are
not considered a debt of the unit or the district for purposes of the
Constitution of the State of Indiana.
(f) Except as provided in this section, no approvals of any
governmental body or agency are required before the commission
enters into a lease under this section.
accordance with the resolution.
(h) All bonds, notes, or warrants issued under this section shall be
sold by the officers of the excluded city who have duties with respect
to the sale of bonds, notes, or warrants of the excluded city. If an
officer whose signature appears on any bonds, notes, or warrants issued
under this section leaves office before their delivery, the signature
remains valid and sufficient for all purposes as if the officer had
remained in office until the delivery.
(i) If, at any time during the life of a loan contract or agreement
under this section, the commission can obtain loans for the purposes of
this section from sources other than the federal government at interest
rates not less favorable than provided in the loan contract or agreement,
and if the loan contract or agreement so permits, the commission may
do so and may pledge the loan contract and any rights under that
contract as security for the repayment of the loans obtained from other
sources. Any loan under this subsection may be evidenced by bonds,
notes, or warrants issued and secured in the same manner as provided
in this section for loans from the federal government. These bonds,
notes, or warrants may be sold at either public or private sale, as the
commission considers appropriate.
(j) Money obtained from the federal government or from other
sources under this section, and money that is required by a contract or
agreement under this section to be used for project expenditure
purposes, repayment of survey and planning advances, or repayment of
temporary or definitive loans, may be expended by the commission
without regard to any law pertaining to the making and approval of
budgets, appropriations, and expenditures.
(k) Bonds, notes, or warrants issued under this section are declared
to be issued for an essential public and governmental purpose.
the redevelopment district for the purpose of financing or
refinancing the redevelopment of that allocation area.
(B) Establish, augment, or restore the debt service reserve for
bonds payable solely or in part from allocated tax proceeds in
that allocation area.
(C) Pay the principal of and interest on bonds payable from
allocated tax proceeds in that allocation area and from the
special tax levied under section 50 of this chapter.
(D) Pay the principal of and interest on bonds issued by the
excluded city to pay for local public improvements in that are
physically located in or physically connected to that
allocation area.
(E) Pay premiums on the redemption before maturity of bonds
payable solely or in part from allocated tax proceeds in that
allocation area.
(F) Make payments on leases payable from allocated tax
proceeds in that allocation area under section 46 of this
chapter.
(G) Reimburse the excluded city for expenditures for local
public improvements (which include buildings, park facilities,
and other items set forth in section 45 of this chapter) in that
are physically located in or physically connected to that
allocation area.
(H) Reimburse the unit for rentals paid by it for a building or
parking facility in that is physically located in or physically
connected to that allocation area under any lease entered into
under IC 36-1-10.
(I) Reimburse public and private entities for expenses incurred
in training employees of industrial facilities that are located:
(i) in the allocation area; and
(ii) on a parcel of real property that has been classified as
industrial property under the rules of the department of local
government finance.
However, the total amount of money spent for this purpose in
any year may not exceed the total amount of money in the
allocation fund that is attributable to property taxes paid by the
industrial facilities described in this clause. The
reimbursements under this clause must be made within three
(3) years after the date on which the investments that are the
basis for the increment financing are made.
The special fund may not be used for operating expenses of the
commission.
(3) Before July 15 of each year, the commission shall do the
following:
(A) Determine the amount, if any, by which property taxes
payable to the allocation fund in the following year the
assessed value of the taxable property in the allocation
area, when multiplied by the estimated tax rate of the
allocation area, will exceed the amount of assessed value
needed to provide the property taxes necessary to make, when
due, principal and interest payments on bonds described in
subdivision (2) plus the amount necessary for other purposes
described in subdivision (2) and subsection (g).
(B) Notify Provide a written notice to the county auditor, of
the fiscal body of the county or municipality that
established the department of redevelopment, and the
officers who are authorized to fix budgets, tax rates, and
tax levies under IC 6-1.1-17-5 for each of the other taxing
units that is wholly or partly located within the allocation
area. The notice must:
(i) state the amount, if any, of excess assessed value that the
commission has determined may be allocated to the
respective taxing units in the manner prescribed in
subdivision (1); or
(ii) state that the commission has determined that there
is no excess assessed value that may be allocated to the
respective taxing units in the manner prescribed in
subdivision (1).
The county auditor shall allocate to the respective taxing
units the amount, if any, of excess assessed value
determined by the commission. The commission may not
authorize an allocation to the respective taxing units under this
subdivision if to do so would endanger the interests of the
holders of bonds described in subdivision (2).
(c) For the purpose of allocating taxes levied by or for any taxing
unit or units, the assessed value of taxable property in a territory in the
allocation area that is annexed by any taxing unit after the effective
date of the allocation provision of the resolution is the lesser of:
(1) the assessed value of the property for the assessment date with
respect to which the allocation and distribution is made; or
(2) the base assessed value.
(d) Property tax proceeds allocable to the redevelopment district
under subsection (b)(2) may, subject to subsection (b)(3), be
irrevocably pledged by the redevelopment district for payment as set
forth in subsection (b)(2).
(e) Notwithstanding any other law, each assessor shall, upon
petition of the commission, reassess the taxable property situated upon
or in, or added to, the allocation area, effective on the next assessment
date after the petition.
(f) Notwithstanding any other law, the assessed value of all taxable
property in the allocation area, for purposes of tax limitation, property
tax replacement, and formulation of the budget, tax rate, and tax levy
for each political subdivision in which the property is located, is the
lesser of:
(1) the assessed value of the property as valued without regard to
this section; or
(2) the base assessed value.
(g) If any part of the allocation area is located in an enterprise zone
created under IC 5-28-15, the unit that designated the allocation area
shall create funds as specified in this subsection. A unit that has
obligations, bonds, or leases payable from allocated tax proceeds under
subsection (b)(2) shall establish an allocation fund for the purposes
specified in subsection (b)(2) and a special zone fund. Such a unit
shall, until the end of the enterprise zone phase out period, deposit each
year in the special zone fund the amount in the allocation fund derived
from property tax proceeds in excess of those described in subsection
(b)(1) from property located in the enterprise zone that exceeds the
amount sufficient for the purposes specified in subsection (b)(2) for the
year. A unit that has no obligations, bonds, or leases payable from
allocated tax proceeds under subsection (b)(2) shall establish a special
zone fund and deposit all the property tax proceeds in excess of those
described in subsection (b)(1) in the fund derived from property tax
proceeds in excess of those described in subsection (b)(1) from
property located in the enterprise zone. The unit that creates the special
zone fund shall use the fund, based on the recommendations of the
urban enterprise association, for one (1) or more of the following
purposes:
(1) To pay for programs in job training, job enrichment, and basic
skill development designed to benefit residents and employers in
the enterprise zone. The programs must reserve at least one-half
(1/2) of the enrollment in any session for residents of the
enterprise zone.
(2) To make loans and grants for the purpose of stimulating
business activity in the enterprise zone or providing employment
for enterprise zone residents in an enterprise zone. These loans
and grants may be made to the following:
(A) Businesses operating in the enterprise zone.
(B) Businesses that will move their operations to the enterprise
zone if such a loan or grant is made.
(3) To provide funds to carry out other purposes specified in
subsection (b)(2). However, where reference is made in
subsection (b)(2) to the allocation area, the reference refers, for
purposes of payments from the special zone fund, only to that part
of the allocation area that is also located in the enterprise zone.
(h) The state board of accounts and department of local government
finance shall make the rules and prescribe the forms and procedures
that they consider expedient for the implementation of this chapter.
After each general reassessment under IC 6-1.1-4, the department of
local government finance shall adjust the base assessed value one (1)
time to neutralize any effect of the general reassessment on the
property tax proceeds allocated to the redevelopment district under this
section. After each annual adjustment under IC 6-1.1-4-4.5, the
department of local government finance shall adjust the base assessed
value to neutralize any effect of the annual adjustment on the property
tax proceeds allocated to the redevelopment district under this section.
However, the adjustments under this subsection may not include the
effect of property tax abatements under IC 6-1.1-12.1, and these
adjustments may not produce less property tax proceeds allocable to
the redevelopment district under subsection (b)(2) than would
otherwise have been received if the general reassessment or annual
adjustment had not occurred. The department of local government
finance may prescribe procedures for county and township officials to
follow to assist the department in making the adjustments.
(i) The allocation deadline referred to in subsection (b) is
determined in the following manner:
(1) The initial allocation deadline is December 31, 2011.
(2) Subject to subdivision (3), the initial allocation deadline and
subsequent allocation deadlines are automatically extended in
increments of five (5) years, so that allocation deadlines
subsequent to the initial allocation deadline fall on December 31,
2016, and December 31 of each fifth year thereafter.
(3) At least one (1) year before the date of an allocation deadline
determined under subdivision (2), the general assembly may enact
a law that:
(A) terminates the automatic extension of allocation deadlines
under subdivision (2); and
(B) specifically designates a particular date as the final
allocation deadline.
58 of this chapter;
(2) the plan for the economic development area cannot be
achieved by regulatory processes or by the ordinary operation of
private enterprise without resort to the powers allowed under this
section and sections 28 and 58 of this chapter because of:
(A) lack of local public improvement;
(B) existence of improvements or conditions that lower the
value of the land below that of nearby land;
(C) multiple ownership of land; or
(D) other similar conditions;
(3) the public health and welfare will be benefited by
accomplishment of the plan for the economic development area;
(4) the accomplishment of the plan for the economic development
area will be of public utility and benefit as measured by:
(A) attraction or retention of permanent jobs;
(B) increase in the property tax base;
(C) improved diversity of the economic base; or
(D) other similar public benefits; and
(5) the plan for the economic development area conforms to the
comprehensive plan of development for the county.
(c) The determination that a geographic area is an economic
development area must be approved by the excluded city legislative
body. The approval may be given either before or after judicial review
is requested. The requirement that the excluded city legislative body
approve economic development areas does not prevent the commission
from amending the plan for the economic development area. However,
the enlargement of any boundary in the economic development area
must be approved by the excluded city legislative body, and a
boundary may not be enlarged unless the existing area does not
generate sufficient revenue to meet the financial obligations of the
original project.
chapter in economic development areas if no other revenue
sources are available for this purpose.
(4) The tax exemptions set forth in section 52 of this chapter are
applicable in economic development areas.
(5) An economic development area may be an allocation area for
the purposes of distribution and allocation of property taxes.
However, a declaratory resolution or an amendment that
establishes an allocation area must be approved by resolution of
the legislative body of the excluded city.
(6) The excluded city legislative body may not use its power of
eminent domain under section 39 of this chapter to carry out
activities under this chapter in economic development areas.
(b) The content and manner of discharge of duties set forth in
section 39(a) of this chapter shall be determined by the purposes and
nature of an economic development area.
are necessary or desirable to make the local public improvements
suitable for use and operations;
(4) architectural, engineering, consultant, and attorney fees;
(5) incidental expenses in connection with the issuance and sale
of bonds;
(6) reserves for principal and interest;
(7) interest during construction and for a period thereafter
determined by the board, but in no event to exceed five (5) years;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,
letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of the
principal of, redemption premiums, if any, and interest on, the
bonds being refunded or refinanced.".
paid into the certified technology park fund under section 17 of this
chapter.
(b) The additional credit under subsection (a) shall be:
(1) computed on an aggregate basis of all taxpayers in a taxing
district that contains all or part of a certified technology park; and
(2) combined on the tax statement sent to each taxpayer.
(c) Concurrently with the mailing or other delivery of the tax
statement or any corrected tax statement to each taxpayer, as required
by IC 6-1.1-22-8(a), each county treasurer shall for each tax statement
also deliver to each taxpayer in a certified technology park who is
entitled to the additional credit under subsection (a) a notice of
additional credit. The actual dollar amount of the credit, the taxpayer's
name and address, and the tax statement to which the credit applies
must be stated on the notice.
(d) Notwithstanding any other law, a taxpayer in a certified
technology park is not entitled to a credit for property tax replacement
under IC 6-1.1-21-5.".