Sec. 12. (a) The budget agency must approve the resolution before covered taxes may be allocated under section 10 of this chapter.
(b) When considering a resolution, the budget committee and the budget agency must make the following findings:
(1) The cost of the facility and facility site specified under the resolution exceeds ten thousand dollars ($10,000).
(2) The capital improvement specified under the resolution is economically sound and will benefit the people of Indiana by protecting or increasing state and local tax bases and tax revenues for at least the duration of the tax area established under this chapter.
(3) The political subdivisions affected by the capital improvement specified under the resolution have committed significant resources towards completion of the improvement.
(c) Revenues from the tax area may not be allocated until the budget agency approves the resolution.
As added by P.L.255-1997(ss), SEC.20.