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Senate Bill 0017


Senate Bill 0017

ARCHIVE (2008)

Latest Information

 

DIGEST OF SB17 (Updated January 22, 2008 3:50 pm - DI 84)


Redevelopment commissions and TIF. With respect to certain bonds issued, or leases entered into, by redevelopment commissions and certain other local government entities for various redevelopment and economic development purposes, provides that the maximum term of the bonds or leases may not exceed 25 years. Provides that certain decisions with respect to tax increment financing (TIF) allocation areas are to be made by the legislative or fiscal body of the city, town, or county instead of the redevelopment commission or are subject to the approval of the legislative or fiscal body, including: (1) approval of a statement of benefits for a tax abatement in an allocation area; (2) consent for enterprise zone investment deductions in an allocation area; (3) issuance of certain bonds; (4) use of the power of eminent domain; (5) applying for federal grants and selling bonds to federal agencies; and (6) payment of certain property tax replacement credits. Specifies that taxes allocated for a TIF allocation area are included in the definition of "property taxes" for purposes of the petition and remonstrance process. Specifies certain exceptions for allocated taxes that will be used to pay debt issued before July 1, 2008. Allows the Indiana economic development corporation (IEDC) to provide that taxes allocated for a TIF allocation area are not considered property taxes for purposes of the petition and remonstrance process if the IEDC makes certain findings. Requires appointment of a school board member to serve as a nonvoting adviser to each redevelopment commission. Provides that the members of a county redevelopment commission are to be appointed by the county executive and the county fiscal body (instead of all appointments being made by the county executive). Revises the procedures for amending the resolution or plan for a redevelopment project area. Requires, for an amendment that enlarges the boundaries of an area, a finding that the existing area does not generate sufficient revenue to meet the financial obligations of the original project. Provides that a resolution establishing a TIF allocation area must include an expiration date for the allocation area that may not exceed 25 years. Provides that TIF funds generated by an allocation area may be used to make payments with respect to local public improvements only if the improvements are physically located in or physically connected to that allocation area. Requires a redevelopment commission to annually notify the county auditor and the county or municipal fiscal body of the amount of assessed value in an allocation area that may be reallocated from the commission to other taxing units. Prohibits enlargement of an economic development area unless the original area does not generate sufficient revenue for the project. Repeals certain provisions concerning the procedure for amending a resolution previously adopted by a redevelopment commission.
    Current Status:
     In Committee - 2nd House
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