Sec. 7. A resolution establishing an improvement and maintenance district must contain the following information:

(1) A description of the geographic area to be considered for inclusion in the district. The geographic area consists of the part of the Indiana Central Canal and nearby property that is located between Washington Street on the south, Interstate Highway 65 on the north, Senate Avenue on the east, and West Street and Dr. Martin Luther King Jr. Memorial Drive West Drive on the west.

(2) The general nature of the improvement and maintenance project that would occur within or in support of the district and the estimated annual cost of the project for the first five (5) years.

(3) Any limitation on the amount of the assessment that would be levied in order to defray part or all of the costs of the improvement and maintenance project. This limitation is not required to be a fixed amount, but may vary according to a schedule or in relation to a specified index that reflects the increase or decrease in costs of materials, goods, and services.

(4) The estimated annual assessment levy needed to defray the cost of part or all of the improvement and maintenance project for the first five (5) years.

(5) The formula that would be used to accomplish the assessment of special benefits and damages. This formula:

(A) must provide that a parcel within the improvement and maintenance district that is not yet benefited by the improvement and maintenance district because of the stage of the development of the project will not be assigned a percentage of the total benefit;

(B) must provide that real property used for public ways, public sidewalks, religious purposes (before March 1, 1988), and public parks, and the canal itself shall be excluded from assessment;

(C) must provide that real property which is being used exclusively for single-family or two-family residence, and has been continuously used exclusively for that residential purpose from March 1, 1988, shall be excluded from assessment; and

(D) may include the following components:

(i) Square footage of the parcel.

(ii) Square footage of any improvement on the parcel.

(iii) Length of the parcel adjoining the improvement and maintenance project.

(iv) Land use of the parcel.

(v) Until 1991, the fact that the current use of the parcel is not significantly benefited by the improvement and maintenance project.

(vi) Proximity of the parcel to the improvement and maintenance project.

(vii) Accessibility of the parcel to the improvement and maintenance project.

(viii) True cash value of the parcel.

(ix) True cash value of any improvement on the parcel.

(x) Age of the improvement on the parcel.

(xi) Other similar factors.

(6) The fact that if the district is established, owners of real property in the district will be subject to an assessment of special benefits and damages to defray part or all of the costs of the improvement and maintenance project.

As added by P.L.194-1988, SEC.1. Amended by P.L.2-1989, SEC.45.