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Senate Bill 478

Senate Bill (S)

DIGEST

Transportation funding. Provides that a redevelopment commission of a municipality may provide revenue to a public transportation corporation from property tax proceeds allocated to the redevelopment commission in a tax increment financing area. Limits the amount of revenue to the amount of property tax revenue received by the municipality's redevelopment commission that is attributable to the public transportation corporation's tax rate. Requires a joint public hearing of the municipality's legislative body and the municipality's redevelopment commission and the adoption of substantially similar authorizing resolutions. Provides that a redevelopment commission may provide revenue to a school corporation, for deposit in the Transportation funding. Provides that a redevelopment commission of a municipality may provide revenue to a public transportation corporation from property tax proceeds allocated to the redevelopment commission in a tax increment financing area. Limits the amount of revenue to the amount of property tax revenue received by the municipality's redevelopment commission that is attributable to the public transportation corporation's tax rate. Requires a joint public hearing of the municipality's legislative body and the municipality's redevelopment commission and the adoption of substantially similar authorizing resolutions. Provides that a redevelopment commission may provide revenue to a school corporation, for deposit in the school corporation's transportation fund, from property tax proceeds allocated to the redevelopment commission in a tax increment financing allocation area. Specifies that the amount of revenue that may be provided to the school corporation may not exceed the amount of property tax revenue received by the redevelopment commission that is attributable to the school corporation's transportation fund tax rate. Requires approval by the legislative body of the unit that established the redevelopment commission and by the redevelopment commission. Requires a joint public hearing by the unit and the redevelopment commission. ... View more