Indiana Senate Bill 418 (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 Appropriations
Pending: Senate Appropriations Committee
Text: Latest bill text (Introduced) [PDF]

Provides that a redevelopment commission (commission) may not enter into any obligation payable from public funds without first obtaining the approval of the fiscal body of the unit that established the commission. Provides an exception if the obligation is for the acquisition of real property and the payments are for three years or less or the purchase price is less than $5,000,000. Specifies that the approving ordinance or resolution must include certain items. Provides that a commission and a department of redevelopment are subject to oversight by the fiscal body of the unit, including review by the fiscal body of annual budgets. Eliminates the power of a commission to acquire property by eminent domain. Eliminates the law that allows a commission to change the assessment date that determines the base assessed value of property in an allocation area. Eliminates the authority of a commission to provide financial assistance to enable individuals to purchase or lease residential units. Specifies that at least 90% of the property taxes allocated to a redevelopment district and paid into an allocation fund must be used to: (1) pay bonds, leases, or other obligations; (2) provide debt service reserve; or (3) pay redemption premiums on bonds. Specifies the expiration dates applicable to certain tax increment financing allocation areas (regardless of the date on which the allocation area was established or amended). Provides that neutralization of the base assessed value after an assessment may decrease base assessed value only to the extent necessary to provide the property tax proceeds that are required to pay debt. Provides that if the base assessed value within an allocation area is less than 25% of the total assessed value within the allocation area, the base assessed

Redevelopment commissions.

Sen. James Smith [R]

Date	Chamber	Action
2014-01-14	Senate	First Reading: Referred to Appropriations
2014-01-13	Senate	Authored by Senator Smith.

Type	Source
Summary	https://iga.in.gov/legislative/2014/bills/senate/418/details
Text	http://iga.in.gov/static-documents/9/8/c/a/98ca415b/SB0418.01.INTR.pdf