(A) Creation of Fund 296 TIF - I-65 Allocation Area Fund. There is hereby established a "TIF - I-65 Allocation Area Fund" to receive tax distributions from the I-65 TIF District.
(B) Purposes of the Fund. Per IC 36-7-14-39(b)(4), funds from a TIF fund may only be used by the Edinburgh Redevelopment Commission for one or more of the following:
(1) Pay the principal of and interest on any obligations payable solely from allocated tax proceeds which are incurred by the redevelopment district for the purpose of financing or refinancing the redevelopment of that allocation area.
(2) Establish, augment, or restore the debt service reserve for bonds payable solely or in part from allocated tax proceeds in that allocation area.
(3) Pay the principal of and interest on bonds payable from allocated tax proceeds in that allocation area and from the special tax levied under IC 36-7-14-27.
(4) Pay the principal of and interest on bonds issued by the unit to pay for local public improvements that are physically located in or physically connected to that allocation area.
(5) Pay premiums on the redemption before maturity of bonds payable solely or in part from allocated tax proceeds in that allocation area.
(6) Make payments on leases payable from allocated tax proceeds in that allocation area under IC 36-7-14-25.2.
(7) Reimburse the unit for expenditures made by it for local public improvements (which include buildings, parking facilities, and other items described in IC 36-7-14-25.1(a)) that are physically located in or physically connected to that allocation area.
(8) Reimburse the unit for rentals paid by it for a building or parking facility that is physically located in or physically connected to that allocation area under any lease entered into under IC 36-1-10.
(9) For property taxes first due and payable before January 1, 2009, this section is not applicable.
(10) Pay expenses incurred by the Redevelopment Commission for local public improvements that are in the allocation area or serving the allocation area. Public improvements include buildings, parking facilities, and other items described in IC 36-7-14-25.1(a).
(11) (a) Reimburse public and private entities for expenses incurred in training employees of industrial facilities that are located:
1. In the allocation area; and
2. On a parcel of real property that has been classified as industrial property under the rules of the Department of Local Government Finance.
(b) However, the total amount of money spent for this purpose in any year may not exceed the total amount of money in the allocation fund that is attributable to property taxes paid by the industrial facilities described in this clause. The reimbursements under this clause must be made within three years after the date on which the investments that are the basis for the increment financing are made.
(12) Pay the costs of carrying out an eligible efficiency project (as defined in IC 36-9-41-1.5) within the unit that established the Redevelopment Commission. However, property tax proceeds may be used under this clause to pay the costs of carrying out an eligible efficiency project only if those property tax proceeds exceed the amount necessary to do the following:
(a) Make, when due, any payments required under divisions (B)(1) through (B)(11), including any payments of principal and interest on bonds and other obligations payable under this section, any payments of premiums under this subdivision on the redemption before maturity of bonds, and any payments on leases payable under this section.
(b) Make any reimbursements required under this section.
(c) Pay any expenses required under this section.
(d) Establish, augment, or restore any debt service reserve under this section.
(13) Expend money and provide financial assistance as authorized in IC 36-7-14-12.2(a)(27).
(14) The TIF Fund may not be used for operating expenses of the Redevelopment Commission.
(C) Appropriations and purchases.
(1) The Town Council of the Town of Edinburgh may authorize the expenditure of funds from TIF - I-65 Allocation Area Fund by appropriations made in the same manner as other funds are appropriated that receive tax distributions, upon making a finding that the proposed use of the funds is consistent with the intent of the Fund.
(2) Purchases from this Fund will be first approved by the Edinburgh Redevelopment Commission after reviewing that the purchase is within the permissible uses stated in this section. A claim will be created and signed by the Redevelopment Commission president and submitted to the Clerk-Treasurer's office for review and processing. The claim will be presented to the Edinburgh Town Council for review and approval. Upon approval by the Town Council, the payment will be created and sent to the vendor.
(Ord. 2021-3, passed 2-8-21)