HB 1077 Summary

• Authorizes an economic development project district in Warrick County with sales tax increment financing capabilities.

• Requires a resolution establishing a district in Warrick County to be ratified by the county fiscal body and county executive before submission to the state board of finance, then approved by county ordinance.

• Increases the maximum term for bonds and lease agreements from 20 years to 25 years after the local public improvement becomes available for use.

• Permits the district to use captured sales tax revenues for land acquisition, site preparation, infrastructure, museum and education complexes, multisport athletic facilities, road improvements, parking facilities, and related professional services and financing costs.

• Exempts Warrick County from requirements that tax increment financing be maximized before approval and prohibits property tax abatements in the district, effective July 1, 2010.