§ 36-7.5-4.5-18 — Transit development district located in cash participant county; administration and use of incremental property tax revenue

Indiana § 36-7.5-4.5-18

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.5: NORTHWEST INDIANA REGIONAL
• Ch. 4.5: Rail Transit Development Districts

Text

If a district is established, the following
apply to the administration and use of incremental property tax revenue
by the development authority, or a redevelopment commission in the
case of a district located in a cash participant county, in the district:
(1) The department of local government finance shall adjust the
base assessed value to neutralize any effect of a reassessment and
the annual adjustment of the real property in the district in the
same manner as provided in IC 36-7-14-39(h).
(2) Proceeds of the property taxes approved by the voters in a
referendum or local public question shall be allocated to and,
when collected, paid into the funds of the taxing unit for which
the referendum or local public question was conducted in the
same manner as provided in IC 36-7-14-39(b)(3).
(3) Incremental property tax revenue may be used only for one (1)
or more of the following purposes for a district:
(A) To finance the improvement, construction, reconstruction,
renovation, and acquisition of real and personal property
improvements within a district.
(B) To pay the principal of and interest on any obligations that
are incurred for the purpose of financing or refinancing
development in the district, including local public
improvements that are physically located in or physically
connected to the district.
(C) To establish, augment, or restore the debt service reserve
for bonds payable solely or in part from incremental property
tax revenue from the district.
(D) To pay premiums on the redemption before maturity of
bonds payable solely or in part from incremental property tax
revenue from the district.
(E) To make payments on leases payable from incremental
property tax revenue from the district.
(F) To reimburse a municipality in which a district is located
for expenditures made by the municipality for local public
improvements that are physically located in or physically
connected to the district.
(G) To reimburse a municipality for rentals paid by the
municipality for a building or parking facility that is physically
located in or physically connected to the district under any lease
entered into under IC 36-1-10.
(H) To pay expenses incurred by the development authority for
local public improvements that are in the district or serving the
district.

Legislative History

As added by P.L.248-2017, SEC.10. Amended by P.L.236-2023, SEC.194.