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08-28-14 Redevelopment Commisssion Meeting
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6B(1)
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1' <br /> redemption before maturity of bonds payable solely or in part from <br /> allocated tax proceeds in Area; (vi) make payments on leases payable <br /> from allocated tax proceeds in Area under Section 25.2 of the Act; <br /> (vii) reimburse the City for expenditures made by it for local public <br /> improvements (which include buildings, parking facilities, and other items <br /> described in Section 25.1(a) of the Act) that are physically located and <br /> physically connected to the Area; (viii) reimburse the City for rentals paid <br /> by it for a building or parking facility that are physically located and <br /> physically connected to the Area under any lease entered into under <br /> Indiana Code 36-1-10; (ix) pay all or a portion of a property tax <br /> replacement credit to taxpayers in Area as determined by the Commission <br /> in accordance with the provisions of the Act; (x)pay expenses incurred by <br /> the Commission for local public improvements that are in or serving Area <br /> (public improvements include buildings, parking facilities and other items <br /> described in Section 25.1(a) of the Act); (xi) reimburse expenses incurred <br /> in training employees of industrial facilities that are located in Area and on <br /> a parcel of real property that has been classified as industrial property <br /> under the rules of the Department of Local Government Finance in accord <br /> with the provisions of the Act; and (x) pay the costs of carrying out an <br /> eligible efficiency project (as defined in Indiana Code 36-9-41-1.5) subject <br /> to the restrictions set for in Section 39(b)(2)(c) of the Act. <br /> provided, however, that if future uses of property tax proceeds allocated to the Allocation Fund <br /> are authorized or permitted by amendments to the Act, including Sections 39 and 43, after the <br /> effective date of this Resolution, those uses shall also be authorized or permitted for property tax <br /> proceeds allocated to the Allocation Fund. <br /> 11. Except as provided in Section 39(g) of the Act, before July 15 of each <br /> year, the Commission shall do the following: <br /> (a) determine the amount, if any, by which the assessed value of the taxable <br /> property in the allocation area for the most recent assessment date minus <br /> the base assessed value, when multiplied by the estimated tax of the Area <br /> will exceed the amount of assessed value needed to produce the property <br /> taxes necessary to make, when due, principal and interest payments on <br /> bonds described in Paragraph 11(d) plus the amount necessary for the <br /> other purposes described in Paragraph 11(d); and <br /> (b) provide a written notice to the County Auditor, the Common Council and <br /> the officers who are authorized to fix budgets, tax rates, and tax levies <br /> under Indiana Code 6-1.1-17-5 for each of the other taxing units that are <br /> wholly or partially located within the Area. The notice must state the <br /> amount, if any, of the amount of excess assessed value that the <br /> Commission has determined may be allocated to the respective taxing <br /> units in the manner prescribed in Paragraph 11(a) or state that the <br /> Commission has determined that there is no excess assessed value that be <br /> allocated to the overlapping taxing units. The Commission may not <br /> - 5 - <br /> US.54690935.04 <br />
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