If the stadium development district is designated under section 14 of this chapter, the executive shall designate the stadium development district as an allocation area for purposes of the allocation and distribution of property taxes. Not later than August 1 of the calendar year immediately following the designation, the executive shall:

1. (1) set the base assessed value of the allocation area; and

2. (2) provide notice of the designation and notice of the base assessed value;

   to the county auditor, the department of local government finance, the board, and to each taxing unit that has authority to levy property taxes in the geographic area where the stadium development district is located. The notice must state the general boundaries of the stadium development district and include the mailing address of all parcels to include within the stadium development district.

As added by P.L.44-2026, SEC.27.