(A) The sole purpose of this fund shall be for paying costs and expenses incurred by the city while prompting and assisting economic development growth within the corporate boundaries of the city, pursuant to I.C. 6-1.1-12.1 et seq.
(B) The City Controller shall deposit all contributions made by property owners in the Tax abatement Development Fund established by this subchapter.
(C) This fund shall be established and take effect upon adoption by the Council and approval by the Mayor and submission to the Department of Local Government Finance.
(Ord. 4838, passed 7-21-2004)