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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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No. 1955 designating/declaring the SSED projectdistrict, approving the SSED project district development plan and determining to create an economic dev project district for purposes of sales TIF
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(3) "Fund" refers to the sales tax increment financing fund established pursuant <br />to Ind. Code § 36- 7- 26 -23. <br />(4) "Gross increment" means the aggregate amount of state gross retail and use <br />taxes that are remitted under Ind. Code § 6 -2.5 by businesses operating in the <br />District, as determined by the Indiana Department of State Revenue under Ind. Code <br />§ 36- 7- 26 -23, minus the base period amount. <br />(5) "Local public improvement" means any redevelopment project or purpose of <br />a redevelopment commission or any city under Ind. Code § 36 -7 -26 or Ind. Code § <br />36 -7 -14. <br />(6) "Net increment" means, for a particular state fiscal year, the product of- <br />(i) the gross increment for the state fiscal year ending in the year of the <br />determination; multiplied by <br />(ii) the adjustment factor. <br />B. The Commission shall distribute money from the Fund within the District in <br />accordance with Ind. Code § 36- 7 -26 -1, et seq., and said money may be used for the following <br />purposes: <br />LI (1) Road, interchange, and right -of -way improvements. <br />(2) Acquisition costs of a commercial retail facility and for real property <br />acquisition costs in furtherance of the road, interchange, and right -of -way <br />improvements. <br />(3) Demolition of commercial property and any related expenses incurred before <br />or after the demolition of the commercial property. <br />(4) For physical improvements or alterations of property that enhance the <br />commercial viability of the district. <br />C. The Commission may issue bonds, payable in whole or in part, from money <br />distributed from the Fund to the Commission, to finance a local public improvement under Ind. Code <br />§ 36 -7 -14 -25.1 or may make lease rental payments for a local public improvement under Ind. Code <br />§ 36 -7 -14 -25.2 and Ind. Code § 36 -7 -14 -25.3, provided however: <br />(1) The term of any bonds issued under this section may not exceed twenty (20) <br />years, nor may the term of any lease agreement entered into under this section exceed <br />twenty (20) years. <br />C, -6- <br />
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