Citations Affected: IC 36-7-12-18.5.
Synopsis: Payments in lieu of taxes. Authorizes a unit of government
other than a township to enter into an agreement with a developer that
is: (1) certified as tax exempt; and (2) using tax exempt financing; for
the developer to make a payment in lieu of taxes.
Effective: July 1, 2003.
January 16, 2003, read first time and referred to Committee on Ways and Means.
A BILL FOR AN ACT to amend the Indiana Code concerning local
considers proper and, with respect to the lease:
(A) charge and collect rents;
(B) terminate the lease upon the failure of the lessee to comply with any of its obligations under the lease or otherwise as the lease provides; and
(C) include in the lease provisions that the lessee has the option to renew the term of the lease for such periods and at such rents as may be determined by the unit or to purchase any or all of the economic development or pollution control facilities to which the lease applies.
(4) Lend money, upon such terms and conditions as the unit considers proper, to a developer or user under an installment purchase contract or loan agreement to:
(A) finance, reimburse, or refinance the cost of economic development or pollution control facilities; and
(B) take back a secured or unsecured promissory note evidencing such a loan or a security interest in the economic development or pollution control facilities financed or refinanced with the loan.
(5) Sell or otherwise dispose of any unneeded or obsolete economic development or pollution control facilities under terms and conditions determined by the unit.
(6) Maintain, repair, replace, and otherwise improve or cause to be maintained, repaired, replaced, and otherwise improved any economic development or pollution control facilities owned by the unit.
(7) Require any type of security that the unit considers reasonable and necessary.
(8) Obtain or aid in obtaining property insurance on all economic development or pollution control facilities owned or financed, or accept payment if any economic development or pollution control facilities are damaged or destroyed.
(9) Enter into any agreement, contract, or other instrument with respect to any insurance, guarantee, letter of credit, or other form of credit enhancement, accepting payment in such manner and form as provided in the instrument if a developer or user defaults, and assign any such insurance, guarantee, letter of credit, or other form of credit enhancement as security for bonds issued by the unit.
(10) Finance for eligible developers and users the cost of economic development or pollution control facilities as set forth in section 29 of this chapter.