Redevelopment Commission Deadline for Determining Excess Assessed Valuation in TIF Districts

A major responsibility of a municipal Redevelopment Commission (RDC) is to determine the existence of excess assessed value (AV) in a local TIF district. To make this determination, RDCs are charged with analyzing financial and project reports to consider whether there is excess AV which results in revenue greater than what is needed for the RDC to make TIF-related bond payments and to pay for its other capital improvement projects. RDCs must make this determination by June 15th. However, to accommodate the necessary approvals by a municipal executive body, RDCs should consider making its determination in early May. Pursuant to Indiana law, the municipal executive body may modify the RDC’s determination. Because most executive bodies and RDCs only meet once or twice a month, it is important for RDCs to provide enough time to make modifications, receive final approval from the executive body, and submit proper notice of the determination by the June 15th deadline.

For more information on this topic, please contact Taylor, Chadd, Minnette, Schneider and Clutter, P.C. at any of its three Indiana locations.

This article was written by attorney, Mitchell A. Ray. Mitchell is a member of TCMSC’s municipal department and advises Redevelopment Commissions on TIF districts and other municipal matters. Mitchell can be reached by email mray@tcmsclaw.com or by phone at TCMSC’s Indianapolis location 317.550.4333