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Senate Bill 0325


Senate Bill 0325

ARCHIVE (2013)

Latest Information

 

DIGEST OF SB 325 (Updated February 12, 2013 3:14 pm - DI 84)


Redevelopment commissions and authorities. Provides that a redevelopment commission may not enter into any obligation payable from public funds without first obtaining the approval of the legislative or fiscal body of the unit that established the commission. Specifies that the approving ordinance or resolution must include certain items. Provides that any agreement by a redevelopment commission to: (1) make payments for real property for a term exceeding three years; or (2) pay a purchase price for real property that exceeds $5,000,000; is subject to prior review (instead of approval) by the legislative body of the unit. Specifies that any sale, exchange, transfer, grant, donation, lease, or other disposal of real property by a redevelopment commission is subject to prior review (instead of approval) by the legislative body of the unit if the value of the real property exceeds $5,000,000. Provides that if a redevelopment commission acquires or sells real property, the redevelopment commission shall include in its annual report a description of the real property and the terms under which the real property was acquired or sold. Specifies that a redevelopment commission may hold an executive session for a discussion of strategy with respect to the acquisition, lease, or sale of real property by the redevelopment commission. Provides that a redevelopment commission and a department of redevelopment are subject to oversight by the legislative body of the unit, including review by the legislative body of annual budgets. Specifies that a redevelopment commission and a department of redevelopment are subject to the same laws, rules, and ordinances of a general nature that apply to all other commissions or departments of the unit. Specifies that a redevelopment commission, a department of redevelopment, and a redevelopment authority are subject to audit by the state board of accounts and covered by the public meeting and public records laws. Requires a redevelopment commission to provide to the legislative body of the unit at a public meeting all the information supporting the action the redevelopment commission proposes to take regarding the sale, transfer, or other disposition of property. Provides that if the amount of excess assessed value determined by the commission is expected to generate more than 200% of the amount of allocated tax proceeds necessary to carry out the commission's plan, a determination of the amount of the excess available to other taxing units by the commission must be approved by the legislative body of the unit. Permits the legislative body of the unit to modify the commission's determination with respect to the amount of excess assessed value. 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.
    Current Status:
     In Committee - 2nd House
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