Sec. 18. 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)(2).
(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.
As added by P.L.248-2017, SEC.10.
Structure Indiana Code
Article 7.5. Northwest Indiana Regional Development Authority
Chapter 4.5. Rail Transit Development Districts
36-7.5-4.5-0.5. "Associate Member"
36-7.5-4.5-1. "Base Assessed Value"
36-7.5-4.5-2.5. "Cash Participant"
36-7.5-4.5-5. "Development Project"
36-7.5-4.5-7. "Gross Retail Tax Base Period Amount"
36-7.5-4.5-8. "Gross Retail Tax Increment Revenue"
36-7.5-4.5-9. "Local Income Tax Base Period Amount"
36-7.5-4.5-10. "Local Income Tax Increment Revenue"
36-7.5-4.5-11. "Property Tax Increment Revenue"
36-7.5-4.5-13. "State Income Tax Base Period Amount"
36-7.5-4.5-14. "State Income Tax Increment Revenue"
36-7.5-4.5-15. "Rail Transit Development Corridor"; Establishment; Geographic Area
36-7.5-4.5-17. Transit Development District; Establishment; Conditions; Geographic Area
36-7.5-4.5-19. Steering Committee; Establishment; Members; Meetings; Duties
36-7.5-4.5-23. Funding of Development Projects Within a Transit Development District; Uses
36-7.5-4.5-28. Certification and Distributions From Transit Development District Account
36-7.5-4.5-29. Expenses; Liabilities; Obligations
36-7.5-4.5-30. Chapter Broadly Construed
36-7.5-4.5-31. Distribution of Remaining Money Upon Completion