Indiana Senate Bill 401 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 14 2014 - 25% progression, died in committee
Action: 2014-01-14 - First Reading: Referred to Tax and Fiscal Policy
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [PDF]

Specifies that a redevelopment commission, a department of redevelopment, and a redevelopment authority are subject to audit by the state board of accounts and covered by the public meeting, public records, and public works laws. Prohibits a redevelopment commission, authority, or department, or a designee holding company from owning, leasing, or holding a single family dwelling or condominium unit. Provides that if a redevelopment commission member or adviser or a redevelopment authority board member owns, directly or indirectly, more than 10% of a business entity, the individual is considered an owner of that business entity for purposes of determining whether the member or adviser has a pecuniary interest in a proposed contract, employment, purchase, or sale. Provides that if a private business entity specifically proposes a capital improvement that the business entity will benefit from after completion, and financing by a redevelopment commission or redevelopment authority is proposed of at least $4,000,000, the redevelopment commission or authority may not incur the obligation and make the capital improvement unless the business entity agrees to repay any obligations related to the specific capital improvement as of a date certain. Provides that the fiscal officer of a redevelopment commission is the fiscal officer of the unit that established the commission. Provides that the Indianapolis controller is the fiscal officer of the redevelopment commission and redevelopment authority in Indianapolis. Requires the secretary-treasurer of a redevelopment authority to report quarterly to the fiscal officer of the unit that established the redevelopment authority. Requires the department of local government finance, with the assistance of the state board of accounts, to prepare

Tax increment finance.

Sen. Greg Walker [R]

Date	Chamber	Action
2014-01-14	Senate	First Reading: Referred to Tax and Fiscal Policy
2014-01-13	Senate	Authored by Senator Walker.

Type	Source
Summary	https://iga.in.gov/legislative/2014/bills/senate/401/details
Text	http://iga.in.gov/static-documents/2/5/4/b/254bc6c2/SB0401.01.INTR.pdf