Sec. 9.5. (a) This section applies to a commission located in a county described in section 1(5) of this chapter.
(b) The commission may amend a resolution adopted before January 1, 2006, under section 5 of this chapter to include a provision with respect to the allocation and distribution of property taxes.
(c) For purposes of determining the allocation and distribution of property taxes under this chapter, the "base assessed value" means the net assessed value of all the tangible property as finally determined for the assessment date immediately preceding the effective date of the allocation provision of the commission's amended resolution adopted under this section.
(d) An amendment adopted under this section must be approved by the executive of:
(1) the county, if the entire airport development zone is located outside the boundaries of any municipality located in the county;
(2) a municipality located in the county, if the entire airport development zone is located within the boundary of the municipality; or
(3) the county and a municipality located in the county, if the airport development zone is located within the boundary of the county and partly within the boundary of the municipality.
As added by P.L.124-2006, SEC.7.
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