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ARTICLE · 24 MARCH 2014

2014 Legislative Overview For Redevelopment Commission Members And Their Attorneys

Here are the principal provisions of the 2014 legislation.

United StatesGovernment, Public Sector

Principal provisions of 2014 Legislation with Direct Impact on Indiana Redevelopment Commissions: Senate Enrolled Act 118 (awaiting signature of Governor Pence)

1. Termination Date for "Legacy" TIF Districts

Tax allocation areas ("TIF Districts") created prior to July 1, 1995 were not required to set a termination date. Such areas will now have a statutorily imposed termination date of the later of (a) June 30, 2025 or (b) the final maturity date of obligations payable from the TIF District that are issued by July 1, 2015.

Presumably, the termination date would apply only to the portion of the TIF District created before July 1, 1995, and not to any expansions that occurred after June 30, 1995. Expansions that occurred after June 30, 1995, should keep their existing termination dates. Such termination dates are tied to when the portion of the TIF district was created, as follows:

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