Perry County 62-3

Jurisdictions: Perry County, City of Tell City, Town of Troy

Topic: Pooling of tax revenues

Date: 1993 December

Purpose: To combine and dedicate certain tax revenues to economic development efforts which may or may not occur within the boundaries of one or more of the parties, but which benefit all the parties. This fund is to provide financial incentives to attract new industrial development, assist existing industry, and develop infrastructure to advance industrial development in County. (p. 1)

Function: Public works, Economic development (p. 1)

Type: Coordination (pp. 1, 3)

Organization: Multiple-party agreement. Governing board. Multiple supply: All parties receive funds from an Economic Development Income Tax (EDIT) enacted by the County in 1993 (this is referred to as the Tax Increase); it is these funds that will be pooled. (p. 1)

Duration: Through December 31, 1996, and so long thereafter as two or more parties remain.

(p. 3)

Administration: All parties set aside one-half of receipts from Tax Increase in a separate interest bearing account known as an EDIT Fund. Each party retains the interest earned. (p. 1) EDIT funds may only be used for projects and in amounts determined by a majority vote of the Board of Directors of the Perry County Development Corporation. A list of acceptable projects is given. A list of unacceptable projects is also given. (pp. 2-3) Parties will disburse funds for projects within 30 days of notification. The EDIT funds of parties that withdraw from the agreement will remain committed for EDIT projects. (p. 3) Each party shall furnish the Perry County Development Corporation with a quarterly accounting of the balance in its EDIT Fund. (p. 3)

Termination: After the second anniversary of this agreement, any party may withdraw by giving written notice to all remaining parties and the Perry County Development Corporation, at least 1 year before the effective date of such withdrawal. (p. 3)