(A) The state General Assembly has authorized counties to impose a county economic development income tax (“EDIT”) imposed on the adjusted gross income of county taxpayers, in accordance with I.C. 6-3.5-7 (“Act”).
(B) The Orange County Council has imposed an EDIT on Orange County at a rate or 0.25% annually on the adjusted gross incomes of county taxpayers.
(C) Pursuant to the Act, the town is a recipient of a distributive share of EDIT and receives its distributive share semi-annually in May and November from the County Auditor.
(D) The Act provides that a county, city or town which fails to adopt a capital improvement plan may not receive:
(1) Its fractional amount of the certified distribution of revenues from EDIT; or
(2) Any amount of EDIT revenues designated for its use by another city or town in the county.
(E) The town now desires to use its net distributive share of the certified distribution of revenues from EDIT to finance certain projects as authorized by the Act.
(F) The town may use its net distributive share to finance capital projects for which general obligation bonds may be issued and economic development projects, as defined in the Act, through the issuance of bonds or through lease financing.
(G) Under the Act, the projects will be economic development projects if the town determines that they will:
(1) Promote significant opportunities for the gainful employment of its citizens;
(2) Attract a major, new business enterprise to the town; or
(3) Retain or expand a significant business enterprise within the town; and
(4) Involve expenditures for the acquisition of land, interests in land, site improvements, infrastructure improvements, buildings, structures, machinery, equipment, furnishings or facilities, or administrative expenses associated with a project, including contract payments to a not-for-profit corporation whose primary purpose is to assist government in planning and implementing economic development projects.
(H) The Town Council hereby adopts the following economic development income tax capital improvement plan for the town for the calendar years 2019, 2020 and 2021, beginning January 1, 2019, and ending December 31, 2021:
(1) Orange County Economic Development Partnership 10%;
(2) Paoli Volunteer Fire Department Inc 40%;
(3) Paoli Municipal Airport 40%;
(4) Park 5%;
(5) Paoli Senior Citizens 5%
(Ord. 1996-2, passed 8-21-96; Am. Ord. 1997-4, passed 4-21-97; Am. Res. 2003-02, passed 5-20-03; Am. Res. 2003-03, passed 5-20-03; Am. Res. 2005-01, passed 2-1-05; Am. Res. 2008-02, passed 1-22-08; Am. Res. 2019-02, passed 7-16-19)