§ 5-28-26-17 — Allocation of tax increment revenues to district

Indiana § 5-28-26-17

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 26: Global Commerce Center Pilot Program

Text

(a) A county fiscal body in which a hub or
spoke is located may allocate three percent (3%) of the tax increment
revenues attributable to the hub or spoke to the district if the county
fiscal body adopts a resolution under subsection (b).
(b) The county fiscal body may adopt a resolution designating a hub
or spoke as an allocation area for purposes of the allocation and
distribution of the amount of property taxes described in subsection (a).
(c) After adoption of the resolution under subsection (b), the county
fiscal body shall:
(1) publish notice of the adoption and substance of the resolution
in accordance with IC 5-3-1; and
(2) file the following information with each taxing unit that has
authority to levy property taxes in the geographic area where the
global commerce center is located:
(A) A copy of the notice required by subdivision (1).
(B) A statement disclosing the impact of the global commerce
center, including the following:
(i) The estimated economic benefits and costs incurred by the
global commerce center, as measured by increased
employment and anticipated growth of real property assessed
values.
(ii) The anticipated impact on tax revenues of each taxing
unit.
The notice must state the general boundaries of the global commerce
center and must state that written remonstrances may be filed with the
county fiscal body until the time designated for the hearing. The notice
must also name the place, date, and time when the county fiscal body
will receive and hear remonstrances and objections from persons
interested in or affected by the proceedings pertaining to the proposed
allocation area and will determine the public utility and benefit of the
proposed allocation area. The county fiscal body shall file the
information required by subdivision (2) with the officers of the taxing
unit who are authorized to fix budgets, tax rates, and tax levies under
IC 6-1.1-17-5 at least ten (10) days before the date of the public
hearing. All persons affected in any manner by the hearing, including
all taxpayers within the county, shall be considered notified of the
pendency of the hearing and of subsequent acts, hearings,
adjournments, and orders of the county fiscal body affecting the
allocation area if the county fiscal body gives the notice required by
this section.
(d) At the hearing, which may be recessed and reconvened
periodically, the county fiscal body shall hear all persons interested in
the proceedings and shall consider all written remonstrances and
objections that have been filed. After considering the evidence
presented, the county fiscal body shall take final action in determining
the public utility and benefit of the proposed allocation area
confirming, modifying and confirming, or rescinding the resolution.
The final action taken by the county fiscal body shall be recorded and
is final and conclusive.

Legislative History

As added by P.L.203-2005, SEC.2.