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Law Provides Remonstrance Period Against Bond Issue
(posted May 18 )
(revised June 16)
The Speedway Redevelopment Commission's May 19 public hearing is just one
of many steps required to carry out the $62,755,000 bond issue needed to
start the infrastructure improvements in the Speed Zone.
After the public hear, the redevelopment commission needs to pass a resolution
to authorize the execution of the lease according to IC 36-7-14.25.2 "if it finds that the service to be provided throughout the term
of the lease will serve the public purpose of the unit and is in the
best interests of its residents."
If the resolution is passed, it will be sent to the town council for
adoption under Ordinance 1114. The council meeting is scheduled for May
20 at 5 pm.
After the execution of the lease, which may be funded in "whole or
in part" by a special benefits tax that the redevelopment commission
will levy against property owners in the Speed Zone, the redevelopment
commission must publish notice of this action.
If a special benefits tax is provided for, 50 or more taxpayers residing
in the redevelopment district affected by the lease "who may be of
the opinion that no necessity exists for the execution of the lease or
that the payments provided for in the lease are not fair and reasonable"
can file a petition with the office of the county auditor within 30 days
after the publication of the notice of execution and approval.
The county auditor will certify the petition and submit it to the department
of local government finance. The DLGF will set a time and place in the
redevelopment district to hear the merits. The DLGF gives notice to the
council, redevelopment commission and to the first 50 petitioners. The
DLGF's decision is final.
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