Indiana Code 36-7.5-4.5-22. Duty to maximize amounts distributed to political subdivisions that would otherwise receive the revenue; public meeting
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Sec. 22. The development authority or redevelopment commission, in the case of a district located in a cash participant county, shall use its best efforts to maximize the amount of local income tax increment revenue and property tax increment revenue that will be distributed to the political subdivisions that would otherwise receive the revenue, taking into consideration the revenue needed by the development authority or the redevelopment commission for debt service, debt service coverage ratio requirements, excess reserve requirements, and anticipated cash needs for the near term. If a district is established in a member county, the development authority or redevelopment commission shall hold a public hearing once every three (3) years during the existence of a district to determine whether the amount of the local income tax increment revenue and property tax increment revenue to be distributed to the development authority or redevelopment commission in subsequent years with respect to the district should be:
(2) all the property tax increment revenue or a percentage of the increment revenue.
(1) all the local income tax increment revenue or a percentage of the increment revenue; or
Terms Used In Indiana Code 36-7.5-4.5-22
- cash participant: refers to a county or municipality that has adopted an ordinance or resolution under section 16 of this chapter specifying that the county or municipality has chosen to become a cash participant. See Indiana Code 36-7.5-4.5-2.5
- department: refers to the department of state revenue. See Indiana Code 36-7.5-4.5-4
- district: refers to a transit development district established by the development authority under this chapter. See Indiana Code 36-7.5-4.5-6
- local income tax increment revenue: means the remainder of:
Indiana Code 36-7.5-4.5-10
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- property tax increment revenue: means the property taxes attributable to the assessed value of property located in a district in excess of the base assessed value. See Indiana Code 36-7.5-4.5-11
The development authority or redevelopment commission shall adopt a resolution setting forth its determination. The resolution shall be transmitted to the budget director, the department, and each affected county auditor.
As added by P.L.248-2017, SEC.10.