Sec. 12. (a) The budget agency must approve the resolution before covered taxes may be allocated under section 10 of this chapter.

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Terms Used In Indiana Code 36-7-31.3-12

  • budget agency: means the budget agency established by IC 4-12-1. See Indiana Code 36-7-31.3-2
  • budget committee: has the meaning set forth in IC 4-12-1-3. See Indiana Code 36-7-31.3-3
  • covered taxes: means the part of the following taxes attributable to the operation of a facility designated as part of a tax area under section 8 of this chapter:

    Indiana Code 36-7-31.3-4

  • tax area: means a geographic area established as a professional sports and convention development area under section 10 of this chapter. See Indiana Code 36-7-31.3-6
     (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.

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

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