Senate Bill 0550
DIGEST OF SB550 (Updated February 17, 2011 7:02 pm - DI 84)
Redevelopment commissions and authorities. Provides that the legislative body of a unit must approve the budget, the tax levy, spending, bond and debt financing, a lease pertaining to bonds or debt financing, the use of capitalized interest, selling of property, and allocation of excess tax revenue of the unit's redevelopment commission and redevelopment authority. Provides that the legislative body of the unit must approve a redevelopment commission's purchase of property if: (1) under the purchase agreement payments for the purchase are required to be made over more than three years; or (2) the purchase price of the property exceeds $5,000,000. Provides that the legislative body of a unit shall review, may modify, and must approve the redevelopment commission's annual determination of whether there will be assessed value in each allocation area that could be allocated to the base assessed value of all units having taxing authority in the allocation area without impacting the obligations of the redevelopment commission. Requires the treasurer of a redevelopment commission outside Indianapolis and the secretary-treasurer of a redevelopment authority outside Indianapolis to report quarterly to the fiscal officer of the unit that established the commission or authority. Provides that the Indianapolis controller is the fiscal officer of the redevelopment commission and redevelopment authority in Indianapolis. Authorizes the Indianapolis controller to obtain financial services on a contractual basis.
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