Indiana Code 36-7.5-4.5-20. South shore improvement and development fund; administration; account for each transit development district; distributions to the fund; uses
(1) Distributions of local income tax increment revenue from the state.
Terms Used In Indiana Code 36-7.5-4.5-20
- cash participant: refers to a county or municipality that has adopted an ordinance or resolution under section 16 of this chapter specifying that the county or municipality has chosen to become a cash participant. See Indiana Code 36-7.5-4.5-2.5
- district: refers to a transit development district established by the development authority under this chapter. See Indiana Code 36-7.5-4.5-6
- local income tax increment revenue: means the remainder of:
Indiana Code 36-7.5-4.5-10
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- property tax increment revenue: means the property taxes attributable to the assessed value of property located in a district in excess of the base assessed value. See Indiana Code 36-7.5-4.5-11
(b) If a district is established in a cash participant county, the redevelopment commission having territory in the district shall create a south shore improvement and development fund. The fund shall be administered by the redevelopment commission. The redevelopment commission shall deposit in the fund all amounts received under this chapter from the following:
(1) Distributions of district local income tax increment revenue from the state.
(2) Distributions of district property tax increment revenue from the county auditor.
(c) The local income tax increment revenue and the local property tax increment revenue received by the development authority or redevelopment commission from each district shall be spent by the development authority or redevelopment commission on projects within the district from which the revenue was collected.
As added by P.L.248-2017, SEC.10.