Senate Bill (H)

DIGEST

Public transportation and school transportation funding. Permits a redevelopment commission outside Marion County to provide revenue on an annual basis to a public transportation corporation from property taxes allocated to the redevelopment commission in a tax increment financing allocation area. Specifies the amount of property taxes that may be transferred by the redevelopment commission to the public transportation corporation. Requires a joint public hearing of the legislative body of the unit that established the tax increment financing area, the redevelopment commission, and the governing body of the public transportation corporation and the adoption of substantially similar authorizing resolutions. Provides that Public transportation and school transportation funding. Permits a redevelopment commission outside Marion County to provide revenue on an annual basis to a public transportation corporation from property taxes allocated to the redevelopment commission in a tax increment financing allocation area. Specifies the amount of property taxes that may be transferred by the redevelopment commission to the public transportation corporation. Requires a joint public hearing of the legislative body of the unit that established the tax increment financing area, the redevelopment commission, and the governing body of the public transportation corporation 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