(A) A property owner that receives a deduction under I.C. 6-1.1-12.13 or 6-1.1-12.1-4.5 is subject to an annual fee imposed by the Bedford City Council, with the consent of the property owner authorized by I.C. 6-1.1-12.1-14. The percentage to be applied by the Lawrence County Auditor will be established into its initial approval of the property owner's statement of benefits and deduction at the time of that approval.
(B) During each year in which a property owner's property tax liability is reduced by a deduction applied under this procedure, the property owner shall pay to the Lawrence County Treasurer a fee in an amount determined by the Lawrence County Auditor. The Lawrence County Auditor shall determine the amount of the fee to be paid by the property owner according to the following formula:
(1) Determine the additional amount of property taxes that would have been paid by the property owner during the year if the deduction had not been in effect.
(2) Multiply the amount determined under division (1) by the percentage determined by the Bedford City Council which may not exceed 15%. The percentage determined by the Bedford City Council remains in effect throughout the term of the deduction and may not be changed.
(3) Determine the lesser of the division (2) product or $100,000.
(C) Fees collected under this section must be distributed to one or more public or nonprofit entities established to promote economic development within the corporate limits of the City of Bedford. The City of Bedford shall notify the Lawrence County Auditor of the entities that are to receive distributions under this section and the relative proportions of those distributions. The Lawrence County Auditor shall distribute fees collected under this section in accordance with the City of Bedford instructions.
(D) If the City of Bedford determines that a property owner has not paid a fee imposed under this section, the City of Bedford may adopt a resolution terminating the property owner's deduction under I.C. 6-1.1-12.1-3 or 6-1.1-12.1-4.5. If the City of Bedford adopts such a resolution, the deduction does not apply to the next installment of property taxes owed by the property owner or to any subsequent installment of property taxes.
(Ord. 10-1984, passed 2-14-84; Am. Ord. 8-2006, passed 4-11-06)