§ 36-7-31.3-12 — Approval of resolution by budget agency

Indiana § 36-7-31.3-12

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 31.3: Professional Sports Development Area

Text

(a) The budget agency must approve the
resolution before covered taxes may be allocated under section 10 of
this chapter.
(b) When considering a resolution, the budget committee and the
budget agency must make the following findings:
(1) The cost of the facility and facility site specified under the
resolution exceeds ten thousand dollars ($10,000).
(2) The capital improvement specified under the resolution is
economically sound and will benefit the people of Indiana by
protecting or increasing state and local tax bases and tax revenues
for at least the duration of the tax area established under this
chapter.
(3) The political subdivisions affected by the capital improvement
specified under the resolution have committed significant
resources towards completion of the improvement.
(c) Revenues from the tax area may not be allocated until the budget
agency approves the resolution.

Legislative History

As added by P.L.255-1997(ss), SEC.20.