House Bill (S)

Authored by

DIGEST

South Shore rail transit development districts. Establishes a rail transit corridor in Northwest Indiana. Specifies that the main line double tracking project and the West Lake corridor improvement project are considered rail projects. Permits the northwest Indiana regional development authority (NWIRDA) to establish transit development districts near each train station or regular stop within the corridor, including new stations or stops along the West Lake corridor. Provides that the incremental growth of state gross retail taxes and state income taxes in a district are to be deposited in a new fund named the south shore expansion financing fund. Provides that South Shore rail transit development districts. Establishes a rail transit corridor in Northwest Indiana. Specifies that the main line double tracking project and the West Lake corridor improvement project are considered rail projects. Permits the northwest Indiana regional development authority (NWIRDA) to establish transit development districts near each train station or regular stop within the corridor, including new stations or stops along the West Lake corridor. Provides that the incremental growth of state gross retail taxes and state income taxes in a district are to be deposited in a new fund named the south shore expansion financing fund. Provides that the money in the fund is to be used to reimburse the state general fund for debt service payments by the Indiana finance authority for a rail project and to the NWIRDA to offset debt service payments by the NWIRDA for a rail project with the remainder to the state general fund. Provides that the incremental growth of local income tax revenues and local property tax revenues in a district are to be disbursed to the NWIRDA for deposit in a new fund named the south shore improvement and development fund. Specifies that the fund will be administered by the NWIRDA and that money in the fund may be used by the NWIRDA to provide funding, including financing, for development projects within a transit development district that benefit the rail transit corridor. Permits a county that is a member of the NWIRDA to use its major bridge fund to pay its obligations to the NWIRDA. Permits LaPorte County and Michigan City to become members of the NWIRDA without making contributions covering any time before January 1, 2017. ... View more