(a) After conducting a hearing on the proposed economic improvement district, the legislative body may adopt an ordinance establishing the economic improvement district if it determines that:(1) the petition meets the requirements of this section and sections 4 and 5 of this chapter;(2) the economic improvement projects to be undertaken in the district will provide special benefits to property owners in the district and will be of public utility and benefit;(3) the benefits provided by the project will be new benefits that do not replace benefits existing before the establishment of the district; and(4) the formula to be used for the assessment of benefits is appropriate.(b) The legislative body may adopt the ordinance only if it determines that the petition has been signed by:(1) at least sixty percent (60%) of the owners of real property within the proposed district; and(2) the owners of real property constituting at least sixty percent (60%) of the assessed valuation in the proposed district.(c) The signature of a person whose property:(1) is:(A) owned by a nonprofit entity and is exempt from property taxation under IC 6-1.1-10-16;(B) owned by this state or a state the proposed district.(c) The signature of a person whose property:(1) is:(A) owned by a nonprofit entity and is exempt from property taxation under IC 6-1.1-10-16;(B) owned by this state or a state agency or leased to a state agency and is exempt from property taxation under IC 6-1.1-10 or any other law; or(C) owned by a political subdivision of this state and is exempt from property taxation under IC 6-1.1-10 or any other law; or(2) would be exempt from assessments under the ordinance;may not be considered in determining whether the requirements of subsection (b) are met.(d) In addition, the assessed valuation of any property that:(1) is:(A) owned by a nonprofit entity and is exempt from property taxation under IC 6-1.1-10-16;(B) owned by this state or a state agency or leased to a state agency and is exempt from property taxation under IC 6-1.1-10 or any other law; or(C) owned by a political subdivision of this state and is exempt from property taxation under IC 6-1.1-10 or any other law; or(2) would be exempt from assessment under the ordinance;may not be considered in determining the total assessed valuation in the proposed district.As added by P.L.195-1988, SEC.1. or any other law; or(2) would be exempt from assessment under the ordinance;may not be considered in determining the total assessed valuation in the proposed district.As added by P.L.195-1988, SEC.1. Amended by P.L.25-1993, SEC.12; P.L.113-2010, SEC.135; P.L.207-2018, SEC.3.
Indiana Legal Code