Author: TCMSC Law

Redevelopment Commission Deadline for Determining Excess Assessed Valuation in TIF Districts

A major responsibility of a municipal Redevelopment Commission (RDC) is to determine the existence of excess assessed value (AV) in a local TIF district. To make this determination, RDCs are charged with analyzing financial and project reports to consider whether there is excess AV which results in revenue greater than what is needed for the RDC to make TIF-related bond payments and to pay for its other capital improvement projects. RDCs must make this determination by June 15th. However, to accommodate the necessary approvals by a municipal executive body, RDCs should consider making its determination in early May. Pursuant to Indiana law, the municipal executive body may modify the RDC’s determination. Because most executive bodies and RDCs only meet once or twice a month, it is important for RDCs to provide enough time to make modifications, receive final approval from the executive body, and submit proper notice of the determination by the June 15th deadline.

For more information on this topic, please contact Taylor, Chadd, Minnette, Schneider and Clutter, P.C. at any of its three Indiana locations.

This article was written by attorney, Mitchell A. Ray. Mitchell is a member of TCMSC’s municipal department and advises Redevelopment Commissions on TIF districts and other municipal matters. Mitchell can be reached by email or by phone at TCMSC’s Indianapolis location 317.550.4333

Fundamentals of a Contract

Years ago, many personal and business deals were made and transacted with a simple handshake. If disagreements ensued, the parties could go to court and ask a judge to resolve the dispute, hopefully, in their favor. These days written contracts are the norm and, if prepared properly, they can protect the parties’ rights and help insure performance. Let’s look at what makes up a valid contract between two parties.

For a contract to be valid and enforceable in a court of law, six required elements must be met.

The first three elements are Offer, Acceptance, and Mutual Consent. That is, there must be a specific offer; each party must accept and agree to the same terms; and each must consent to the offer of their own free will. These three conditions imply that the parties intend to create a binding agreement.

Next, there must be something of value (Consideration) to be exchanged between the parties. Consideration may be money, a promise to perform a service, or to supply a product. However, BOTH parties must receive consideration for the exchange to be considered more than merely a gift.

Both parties must also be of “sound mind” to understand and fully comprehend what is required of them and be judged as competent, otherwise the non-competent party can chose to ignore the contract. The definition of Competence as it relates to a contract means that neither party is/was a minor; neither is under the influence of drugs or alcohol when the contract is/was signed; and neither is mentally deficient.

Lastly, the contract must be for a Legal Purpose and not to do something illegal like selling drugs or any other illegal act. (It is not illegal to enter into a contract that does not have all of these elements; it just means that if one of them is missing, the contract cannot be enforced by a court of law.)

Some verbal contacts can also carry the force of law, however, most types of contracts must be in writing to be both valid and enforceable. Some examples are long-term contracts, pre-nuptials, and contracts to transfer real estate. There is also such a thing as an implied contract where you can unknowingly enter into a contract with someone and be held to its terms.

Be cautious and speak with a member of our staff before you enter into any contracts.

Welcome, Suzie Smith!

Suzie SmithWe are pleased to announce the addition of Suzie Smith to the team.  She began as a law clerk in our office and after she passed the Indiana Bar Examination, we brought her on board! Suzie is a recent graduate of the Indiana University Robert H. McKinney School of Law in Indianapolis. She is married to Gary Smith and they have five daughters.

Welcome to the team Ethan Myers!

We are excited and proud to welcome DSC_4618Ethan Myers!  You can read more about this local resident below or jump to his bio page.

Ethan grew up in rural northern Montgomery County and graduated from North Montgomery High School in 2010.  He graduated from Purdue University with a degree in Ag Economics in May of 2013.  Myers worked in the field of agriculture, at Bane-Welker Equipment, while he attended night school at Robert H. McKinney School of Law where he graduated in May of 2017 with a Corporate and Commercial Law Certificate.

“I’m happy to join the firm because the of the people I get to work with and learn from on a day to day basis,” stated Myers.  “We all believe in hard work and honesty.”

Myers will focus on several areas of law including Corporate/Transactional Law; Bankruptcy (Creditors Rights); Banking Law; Commercial Law and Agricultural Law.

Myers and wife Courtney, who he says does the hard work, have three 3 children—Mitchell, Levi, and Haley and live in Smartsburg.  They are members of Liberty Chapel Christian Church. When not working in the office, Myers coaches youth football at North Montgomery and enjoys hunting, fur trapping, shooting, and camping with his boys.

Ethan Myers can be reached at 765.481.2608 or via email