(a) The legislative body of a city may adopt an ordinance establishing a special assessment district known as the economic enhancement district. The adopting ordinance must contain the following:
- (1) the boundaries of the proposed economic enhancement district, which may not exceed the boundaries of the Mile Square area of the city;
- (2) a finding that the proposed economic enhancement projects will provide special benefits to all property owners of the economic enhancement district;
- (3) the formula to be used for the assessment of benefits as provided in section 6 of this chapter; and
(4) an expiration date of the economic enhancement district, which, subject to subsection (b), may not be later than ten (10) years from the date of the adoption of the ordinance.
The adopting ordinance must establish an economic enhancement district board.
- (b) Notwithstanding subsection (a), the termination of the downtown recovery district may be extended for a period of ten (10) additional years if the legislative body adopts an ordinance and the general assembly enacts legislation to extend the life of the economic enhancement district.
As added by P.L.201-2023, SEC.279.