The Redevelopment Authority is defined and established by Indiana Code I.C. 36-7-14.5-8 and Town Ordinance 31.76. The Redevelopment Authority consists of three board members appointed by the Town Council President for three-year terms.
The purpose of the Redevelopment Authority is to:
Acquire all or a portion of local public improvements from the Redevelopment Commission by purchase or lease and leasing these local public improvements back to the Redevelopment Commission with any additional improvements that may be made to them
Acquire all or a portion of local public improvements owned by the Redevelopment Authority and leasing them to the Redevelopment Commission
Acquire local public improvements from the Redevelopment Commission by purchase or lease to fund or refund indebtedness incurred on account of those local public improvements to enable the Redevelopment Commission to make savings in debt services obligations or lease rental obligations or to obtain relief from covenants that the Redevelopment Commission considers to be unduly burdensome
Finance, construct and lease local public improvements to the Redevelopment Commission
Perform the issuance of bonds to finance local public improvements