LEGISLATIVE SERVICES AGENCY
OFFICE OF FISCAL AND MANAGEMENT ANALYSIS
200 W. Washington St., Suite 301
Indianapolis, IN 46204
(317) 233-0696
iga.in.gov
FISCAL IMPACT STATEMENT
LS 6998 NOTE PREPARED: Jan 8, 2022
BILL NUMBER: SB 370 BILL AMENDED:
SUBJECT: Economic Improvement Districts.
FIRST AUTHOR: Sen. Buchanan BILL STATUS: As Introduced
FIRST SPONSOR:
FUNDS AFFECTED: GENERAL IMPACT: Local
DEDICATED
FEDERAL
Summary of Legislation: The bill requires a petition for the establishment of an Economic Improvement
District (EID) to include a rate and methodology report. The bill specifies the contents of the report. It
specifies the basis upon which benefits accruing to parcels of real property within a district may be
apportioned among those parcels. The bill requires a determination that the aggregate assessments within a
district do not exceed 30% of the projected assessed value of property within the district before a legislative
body may adopt an ordinance to establish a district. The bill also requires an Economic Improvement Board
to assist the County Treasurer in order to make certain specified determinations and designations regarding
annual assessments within a district. It adds specific provisions that apply to an Economic Improvement
Board’s issuance of revenue bonds. The bill makes clarifying changes.
Effective Date: July 1, 2022.
Explanation of State Expenditures:
Explanation of State Revenues:
Explanation of Local Expenditures: County Treasurer: The County Treasurer shall make certain specific
determinations and designations regarding annual assessments within an EID. The Economic Improvement
Board will provide assistance with this process. The bill’s requirements are within a County Treasurer’s
routine administrative functions.
Economic Improvement District Expansion: The bill allows the EID to be expanded to include new
properties. Additionally, the bill allows an EID to be comprised of parcels from a single owner.
SB 370 1 Economic Improvement Boards: The bill allows an Economic Improvement Board to issue bonds to finance
the economic improvement projects in an EID. The special assessments made on the properties within the
EID would be used to pay the bonds. The bonds would not be an obligation of the local unit that established
the EID.
Explanation of Local Revenues: Economic Improvement Petition: The bill adds a requirement that the total
of all assessments made on the properties within an EID do not exceed 30% of the projected AV of all the
properties in the EID. This requirement would modify the inclusion of properties in an EID, the scope of the
economic improvement projects, and the assessments imposed on the properties within the EID.
State Agencies Affected:
Local Agencies Affected: County Unit; Economic Improvement Boards.
Information Sources:
Fiscal Analyst: Seth Payton, 233-3546.
SB 370 2