SB 550 Summary

• Requires legislative body approval for redevelopment commissions and authorities to incur debt, issue bonds, establish tax levies, approve budgets, approve spending, enter into leases related to bonds or debt, use capitalized interest, sell property, and allocate excess tax revenue.

• Makes redevelopment commissions and authorities subject to oversight as public agencies and municipalities, requiring compliance with open meetings and public records laws.

• Designates the unit's fiscal officer (or Indianapolis controller for Indianapolis) as the fiscal officer for redevelopment commissions and authorities, with authority to obtain financial services on a contractual basis.

• Requires treasurers of redevelopment commissions outside Indianapolis to report quarterly to the unit's fiscal officer and requires legislative body approval for property purchase agreements exceeding five years.

• Mandates legislative body review, modification authority, and approval of annual determinations regarding excess assessed value allocation in redevelopment project areas.

• Effective July 1, 2011.