Makes changes to the membership compositions of redevelopment commissions. Provides that the president and vice president of a redevelopment commission shall not have the same appointing authority. Requires a commission to provide an annual spending plan listing planned expenditures for the next calendar year. Provides that a commission may accelerate payments toward debt service obligations, in order to retire debt service earlier, regardless of whether that use is listed in the annual spending plan. Provides that a commission making accelerated debt payments may retain the assessed value associated with the original debt service schedule. Requires a commission to provide fund balances to the department of local government finance at the end of a calendar year. Provides that except for property tax proceeds transferred to a school corporation or public school, including a charter school, allocated property tax proceeds may be expended for projects located outside an allocation area only if the commission adopts a declaratory resolution that finds that the expenditures: (1) will directly benefit the allocation area; or (2) will result in the creation or retention of jobs in the private sector. Provides that specified amounts collected in an allocation area must be allocated to certain taxing units that provide police or fire services in the allocation area and specifies the manner in which those allocation calculations are to be made. Provides that the amount of assessed value in excess of the 200% required to make principal and interest payments on bonds may be used for non-debt, one time purposes within a calendar year before allocating the balance of the excess assessed value to the respective taxing units. Provides that the expiration date of an allocation area may not be extended. Provides that a commission may, pursuant to the approval of the local legislative body, create an account for a specific infrastructure purpose. Provides that for a bond issuance related exclusively for infrastructure in an allocation area, new bonds may only be issued by an existing commission between July 1, 2023, and January 1, 2025. Provides that, for 2023, an ordinance or resolution to establish or expand a fire protection territory is adopted after the legislative body holds at least three public hearings to receive public comment on the proposed ordinance or resolution in which: (1) at least one public hearing must be held at least 25 days before the legislative body votes on the adoption of the ordinance or resolution; and (2) at least two additional public hearings must be held not later than five days before the legislative body votes on the adoption of the ordinance or resolution. Provides that the excess of the proceeds of the property taxes attributable to an increase in the property tax rate for a participating unit of a fire protection territory that is established after the establishment of a tax increment financing area located outside of Marion County shall be allocated to and distributed in the form of an assessed value pass back to the participating unit of the fire protection territory and not to the redevelopment district.

Statutes affected:
Introduced House Bill (H): 6-1.1-21.2-8, 36-7-14-6.1, 36-7-14-15.5, 36-7-14-25.1, 36-7-14-26, 36-7-14-27, 36-7-14-39, 36-7-14-48, 36-7-14-52, 36-7-14-56, 36-7-14.5-12.5, 36-7-15.1-45, 36-7-15.1-50, 36-7-15.1-53, 36-7.5-4.5-18
House Bill (H): 6-1.1-21.2-8, 36-7-14-6.1, 36-7-14-8, 36-7-14-15.5, 36-7-14-25.1, 36-7-14-26, 36-7-14-27, 36-7-14-39, 36-7-14-48, 36-7-14-52, 36-7-14-56, 36-7-14.5-12.5, 36-7-15.1-45, 36-7-15.1-50, 36-7-15.1-53, 36-7.5-4.5-18, 36-8-19-6
Engrossed House Bill (H): 6-1.1-21.2-8, 36-7-14-6.1, 36-7-14-8, 36-7-14-15.5, 36-7-14-25.1, 36-7-14-26, 36-7-14-27, 36-7-14-39, 36-7-14-48, 36-7-14-52, 36-7-14-56, 36-7-14.5-12.5, 36-7-15.1-45, 36-7-15.1-50, 36-7-15.1-53, 36-7.5-4.5-18, 36-8-19-6