Limitation on renewal or extension of existing allocation area; required conditions related to original district

Sec. 25.2. (a) Notwithstanding any other law, if the Indiana economic development corporation subsequently designates territory that is located in an existing allocation area under this chapter as an innovation development district under IC 36-7-32.5, the allocation area may not be renewed or extended under this chapter until the term of the innovation development district expires. (b) Notwithstanding any other law, for taxing districts that include multiple tax increment financing districts under this chapter, the original tax increment financing district does not expire and stays active only for the purpose of satisfying outstanding bonds issued by the subsequent tax increment financing district, only if the reuse authority completes the following requirements: (1) Provides a written appeal to and receives the approval of the department of local government finance. (2) Provides written notice to the state board of accounts of the appeal.