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Introduced House Bill (H)

DIGEST

Tax increment financing. Provides that if a redevelopment commission outside Marion County wishes to establish a TIF area after June 30, 2021, a school corporation that is located wholly or partly within the proposed TIF area may elect whether to participate in the TIF area. Provides that for TIF areas established after June 30, 2021, a school corporation that elects to participate in a proposed TIF is bound by the terms of the TIF area until the TIF area expires. Provides that except for property tax proceeds transferred to a school corporation, a public school, including a charter school, or Tax increment financing. Provides that if a redevelopment commission outside Marion County wishes to establish a TIF area after June 30, 2021, a school corporation that is located wholly or partly within the proposed TIF area may elect whether to participate in the TIF area. Provides that for TIF areas established after June 30, 2021, a school corporation that elects to participate in a proposed TIF is bound by the terms of the TIF area until the TIF area expires. Provides that except for property tax proceeds transferred to a school corporation, a public school, including a charter school, or a nonpublic school, allocated property tax proceeds may be expended for projects located outside an allocation area only if the redevelopment commission adopts a declaratory resolution that finds that the expenditures: (1) will directly benefit the allocation area; or (2) will result in the creation or retention of jobs in the private sector. Adds various requirements related to expenditures under contracts between redevelopment commissions and providers of educational and training programs to establish programs designed to prepare individuals to participate in the competitive and global economy. ... View more