Sec. 5. (a) The benefits accruing to parcels of real property within an economic improvement district may be apportioned among those parcels on any basis reasonably representative of the diffusion of benefits from the economic improvement project, including the following:

(1) Proximity of the parcel to the project.

(2) Accessibility of the parcel to the project.

(3) True cash value of the parcel.

(4) True cash value of any improvement on the parcel.

(5) Age of any improvement on the parcel.

(6) Other similar factors.

The apportionment of benefits under this subsection may be adjusted by zone or land use as provided in subsections (b) and (c).

     (b) If the benefit of the economic development project varies from one (1) area to another within the economic improvement district, up to three (3) zones may be established within the district to delineate the approximate difference in beneficial impact, and benefits may be apportioned accordingly.

     (c) In order to encourage the retention or development of various land uses within the district, assessments may be adjusted according to the zoning classification of the property.

As added by P.L.195-1988, SEC.1.