§ 36-7-15.1-67 — Residential housing development program; determination of excess assessed value

Indiana § 36-7-15.1-67

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 15.1: Redevelopment of Areas in Marion County Needing

Text

(a) This section applies only to a
residential housing development program established under section 64
of this chapter.
(b) Notwithstanding section 26(a) of this chapter, with respect to the
allocation and distribution of property taxes for the accomplishment of
the purposes of a residential housing development program established
under section 64 of this chapter, "base assessed value" means the net
assessed value of all of the property, other than personal property, as
finally determined for the assessment date immediately preceding the
effective date of the allocation provision, as adjusted under section
26(h) of this chapter.
(c) The allocation fund established under section 26(b) of this
chapter for the allocation area for a residential housing development
program established under section 64 of this chapter may be used only
for purposes related to the accomplishment of the purposes of the
residential housing development program, including the following:
(1) The construction of any infrastructure (including streets,
roads, and sidewalks) or local public improvements in, serving,
or benefiting a residential housing development program.
(2) The acquisition of real property and interests in real property
for rehabilitation purposes within the allocation area.
(3) The preparation of real property in anticipation of
development of the real property within the allocation area.
(4) To do any of the following:
(A) Pay the principal of and interest on bonds or any other
obligations payable from allocated tax proceeds in the
allocation area that are incurred by the redevelopment district
for the purpose of financing or refinancing the residential
housing development program established under section 64 of
this chapter for the allocation area.
(B) Establish, augment, or restore the debt service reserve for
bonds payable solely or in part from allocated tax proceeds in
the allocation area.
(C) Pay the principal of and interest on bonds payable from
allocated tax proceeds in the allocation area and from the
special tax levied under section 19 of this chapter.
(D) Pay the principal of and interest on bonds issued by the
taxing unit to pay for local public improvements that are
physically located in or physically connected to the allocation
area.
(E) Pay premiums on the redemption before maturity of bonds
payable solely or in part from allocated tax proceeds in the
allocation area.
(F) Make payments on leases payable from allocated tax
proceeds in the allocation area under section 17.1 of this
chapter.
(G) Reimburse the taxing unit for expenditures made by the
taxing unit for local public improvements (which include
buildings, parking facilities, and other items described in
section 17(a) of this chapter) that are physically located in or
physically connected to the allocation area.
(d) Notwithstanding section 26(b) of this chapter, the commission
shall, relative to the allocation fund established under section 26(b) of
this chapter for an allocation area for a residential housing
development program established under section 64 of this chapter, do
the following before June 15 of each year:
(1) Determine the amount, if any, by which the assessed value of
the taxable property in the allocation area for the most recent
assessment date minus the base assessed value, when multiplied
by the estimated tax rate of the allocation area, will exceed the
amount of assessed value needed to produce the property taxes
necessary to:
(A) make the distribution required under section 26(b)(2) of
this chapter;
(B) make, when due, principal and interest payments on bonds
described in section 26(b)(3) of this chapter;
(C) pay the amount necessary for other purposes described in
section 26(b)(3) of this chapter; and
(D) reimburse the consolidated city for anticipated expenditures
described in subsection (c)(2).
(2) Provide a written notice to the county auditor, the fiscal body
of the consolidated city that established the department, the
officers who are authorized to fix budgets, tax rates, and tax levies
under IC 6-1.1-17-5 for each of the other taxing units that is
wholly or partly located within the allocation area, and (in an
electronic format) the department of local government finance.
The notice must:
(A) state the amount, if any, of excess property taxes that the
commission has determined may be paid to the respective
taxing units in the manner prescribed in section 26(b)(1) of this
chapter; or
(B) state that the commission has determined there is no excess
assessed value that may be allocated to the respective taxing
units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing units the
amount, if any, of excess assessed value determined by the
commission.
(e) If the amount of excess assessed value determined by the
commission is expected to generate more than two hundred percent
(200%) of the amount of allocated tax proceeds:
(1) necessary to make, when due, principal and interest payments
on bonds described in section 26(b)(3) of this chapter; plus
(2) the amount necessary for other purposes described in section
26(b)(3) of this chapter;
the commission shall submit to the legislative body of the consolidated
city its determination of the excess assessed value that the commission
proposes to allocate to the respective taxing units in the manner
prescribed in subsection (d)(2). The legislative body of the
consolidated city may approve the commission's determination or
modify the amount of the excess assessed value that will be allocated
to the respective taxing units in the manner prescribed in subsection
(d)(2).
(f) An allocation area must terminate on the date the residential
housing development program is terminated as set forth in section
64(e) of this chapter.

Legislative History

As added by P.L.126-2023, SEC.7.