§ 36-7-25-4 — Joint undertaking of redevelopment or economic development projects in contiguous areas

Notwithstanding any other law, if two (2) or
more units want to jointly undertake redevelopment or economic
development projects in contiguous areas in the units' respective
jurisdictions that benefit or serve the units' jurisdictions, the legislative
body of a unit may:
(1) assign an area within the unit's jurisdiction to the commission
of another unit to allow the creation of an allocation area for the
purpose of the allocation of property tax proceeds even though
part of the allocation area will be outside the jurisdiction of the
commission to which the new area is assigned; or
(2) may pledge property tax proceeds that would be allocated to
the unit's allocation fund to the commission of another unit for the
projects.
The commission to which an area is assigned or allocated proceeds are
pledged may then take all actions in the area or with respect to the
pledged proceeds that could be taken by a commission in an allocation
area or with respect to the commission's own revenues until the later of
the time when an ordinance rescinding this assignment or pledge is
adopted by the legislative body of the assigning or pledging unit or the
date on which outstanding bonds or lease rentals payable from
allocated property tax proceeds are finally retired. The assigning unit
shall continue to tax the taxpayers in the assigned portion of the
allocation area at the assigning unit's tax rates.

Legislative History

As added by P.L.35-1990, SEC.62.