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IN HB1596
Bill
Status
2/26/2019
Primary Sponsor
Edward Clere
Click for details
AI Summary
- Allocated property tax proceeds may only be spent on projects outside an allocation area if the redevelopment commission adopts a resolution finding the expenditure will directly benefit the allocation area or create/retain private sector jobs
- Property tax transfers to school corporations, public or private schools, and charter schools are exempt from the outside-allocation-area restrictions
- Educational and training programs established by contract after June 30, 2019 must be open to all residents or students in the unit, designed for jobs paying at or above the county average wage, and require participants to maintain satisfactory progress toward a degree or certificate
- Commissions may not spend bond proceeds, more than 15% of annual allocated tax proceeds, or deposit revenues in an endowment fund to fund educational/training programs
- Effective upon passage as an emergency measure
Legislative Description
Expenditures of redevelopment commissions. 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 redevelopment 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. Adds various requirements related to expenditures under contracts between redevelopment commissions and providers of educational and training programs to establish programs designed to prepare individuals to participate in the competitive and global economy.
Last Action
First reading: referred to Committee on Local Government
3/7/2019