Citations Affected: IC 4-3-21-11; IC 5-28-26; IC 6-2.5-4-5; IC 6-3-2-1.5; IC 6-3.1-11.6-2;
IC 6-3.1-11.6-9; IC 36-1-7-15; IC 36-7.
Synopsis: Economic development. Authorizes various economic development entities to enter
into written agreements for jointly undertaken economic development projects. Requires the
establishment of a military base development authority concerning a military base that is located
in more than two counties if the military base planning council votes to require the establishment
of the development authority. Permits the economic development corporation to designate a
global commerce center pilot program in eastern Indiana. Allows local income taxes to be
captured for the purposes of the global commerce center. Authorizes counties to allocate 3% of
the growth in property tax revenues attributable to a global commerce center to a regional
economic development district. Designates each certified technology park located within a radius
of five miles of the Crane military base as a qualified military base enhancement area. Extends
the following incentives, which are currently applicable to businesses located on closed military
bases, to businesses that are located in a qualified military base enhancement area and meet
certain criteria: (1) The sales tax exemption for electricity purchases. (2) The reduced corporate
adjusted gross income tax rate. (3) The investment credit. Authorizes the expansion of a certified
technology park to adjacent territory that is located in another county. Requires the department
of environmental management to give priority to permit applications concerning certain military
bases or installations. (This conference committee report makes the following changes to the
global commerce center provisions: (1) reduces the number of potential designations; (2)
provides that the economic development corporation may designate a global commerce
center as a pilot program instead of requiring a designation; (3) specifies that a designated
global commerce center pilot program must be in the area served by the Eastern Indiana
Economic Development District; (4) authorizes the capture of county adjusted gross income
taxes, county option income taxes, and county economic development income taxes for the
purposes of the global commerce center but does not authorize the capture of state adjusted
gross income taxes or state gross retail taxes as the April 1 version of SB 571 did; and (5)
authorizes the economic development corporation to revoke the designation at its
discretion.)
Effective: Upon passage; July 1, 2005; January 1, 2006.
MR. SPEAKER:
Your Conference Committee appointed to confer with a like committee from the Senate
upon Engrossed House Amendments to Engrossed Senate Bill No. 571 respectfully reports
that said two committees have conferred and agreed as follows to wit:
that the Senate recede from its dissent from all House amendments and that
the Senate now concur in all House amendments to the bill and that the bill
be further amended as follows:
Delete everything after the enacting clause and insert the following:
identify actions necessary to prepare for the United States
Department of Defense Efficient Facilities Initiative scheduled to
begin in 2005.
(6) Study how governmental entities outside Indiana have
addressed issues regarding encroachment and partnership formation
described in this section.
(7) With respect to a multicounty federal military base under
IC 36-7-30.5:
(A) vote to require the establishment of the development
authority under IC 36-7-30.5, if necessary; and
(B) advise and submit recommendations to a development
authority board appointed under IC 36-7-30.5.
comprising the global commerce center with respect to wages
and salary earned for work in the territory comprising the
global commerce center for a particular state fiscal year; minus
(2) the income tax base period amount;
as determined by the department of state revenue.
Sec. 7. As used in this chapter, "public facilities" includes a
street, a road, a bridge, a storm water or sanitary sewer, a sewage
treatment facility, a facility designed to reduce, eliminate, or
prevent the spread of identified soil or groundwater contamination,
a drainage system, a retention basin, a pretreatment facility, a
waterway, a waterline, a water storage facility, a rail line, an
electric, gas, telephone or other communications line or any other
type of utility line or pipeline, or another similar or related
structure or improvement, together with necessary easements for
the structure or improvement. Except for rail lines, utility lines, or
pipelines, the structures or improvements described in this section
must be either owned or used by a public agency, functionally
connected to similar or supporting facilities owned or used by a
public agency, or designed and dedicated for use by, for the benefit
of, or for the protection of the health, welfare, or safety of the
public generally, whether or not used by a single business entity.
Any road, street, or bridge must be continuously open to public
access. A public facility must be located on public property or in a
public, utility, or transportation easement or right-of-way.
Sec. 8. As used in this chapter, "spoke" means an economic
development project that is:
(1) located within the area served by a district;
(2) undertaken to support the activities of a hub; and
(3) treated as a global commerce center under this chapter
upon the approval of the district board and fiscal body of the
county in which the project is located.
Sec. 9. As used in this chapter, "tax increment revenues" means
the property taxes attributable to the assessed value of property
located in a global commerce center in excess of the base assessed
value.
Sec. 10. As used in this chapter, "unit" means a county, city, or
town.
Sec. 11. The corporation may do the following:
(1) Designate a global commerce center pilot program under
section 12 of this chapter.
(2) Establish a procedure by which the global commerce center
pilot program may be monitored and evaluated on an annual
basis.
(3) Promote the global commerce center pilot program.
Sec. 12. (a) If a district applies to the corporation to have part of
the area served by the district designated as a global commerce
center, the corporation may approve the district's application if the
corporation determines that the district's proposed global
commerce center meets the following criteria:
(1) The proposed global commerce center is well suited for the
development of a hub and its supporting spokes.
(2) The proposed global commerce center has the support of
the surrounding community.
(3) The proposed global commerce center is well suited for the
development of at least one (1) of the following:
(A) A high technology activity.
(B) Advanced manufacturing.
(C) Transportation, distribution, and logistics.
(D) Agribusiness.
(b) The corporation may adopt rules under IC 4-22-2 specifying
application procedures.
(c) A global commerce center designated under this section must
include a hub. The boundaries of the global commerce center are
not required to be contiguous. Only one (1) global commerce center
pilot program may be designated under this section.
Sec. 13. If a global commerce center is designated under section
12 of this chapter, an unlimited number of spokes may be added to
the global commerce center at the discretion of the fiscal bodies of
the counties served by the district and the district board.
Sec. 14. (a) After a global commerce center is designated under
section 12 of this chapter, the district shall send to the department
of state revenue:
(1) a certified copy of the designation of the global commerce
center under section 12 of this chapter; and
(2) a complete list of the employers in the global commerce
center and the street names and the range of street numbers of
each street in the global commerce center.
The district shall update the list provided under subdivision (2)
before July 1 of each year.
(b) Not later than sixty (60) days after receiving a copy of the
designation of the global commerce center, the department of state
revenue shall determine the gross retail base period amount and
the income tax base period amount.
Sec. 15. Before the first business day in October of each year, the
department of state revenue shall calculate the income tax
incremental amount and the gross retail incremental amount for
the preceding state fiscal year for each global commerce center
designated under this chapter.
Sec. 16. (a) The treasurer of state shall establish an incremental
tax financing fund for each global commerce center designated
under this chapter. The fund shall be administered by the treasurer
of state. Money in the fund does not revert to the state general fund
at the end of a state fiscal year.
(b) The total amount of the following taxes paid by employees
employed in the global commerce center with respect to wages
earned for work in the global commerce center shall be deposited
in the incremental tax financing fund established for a global
commerce center until the amount deposited equals the income tax
incremental amount:
(1) The county adjusted gross income tax.
(2) The county option income tax.
(3) The county economic development income tax.
(c) On or before the twentieth day of each month, all amounts
held in the incremental tax financing fund established for a global
commerce center shall be distributed to the district that
administers the global commerce center for deposit in the regional
economic development fund established under section 19 of this
chapter.
Sec. 17. (a) A county fiscal body in which a hub or spoke is
located may allocate three percent (3%) of the tax increment
revenues attributable to the hub or spoke to the district if the
county fiscal body adopts a resolution under subsection (b).
(b) The county fiscal body may adopt a resolution designating a
hub or spoke as an allocation area for purposes of the allocation
and distribution of the amount of property taxes described in
subsection (a).
(c) After adoption of the resolution under subsection (b), the
county fiscal body shall:
(1) publish notice of the adoption and substance of the
resolution in accordance with IC 5-3-1; and
(2) file the following information with each taxing unit that has
authority to levy property taxes in the geographic area where
the global commerce center is located:
(A) A copy of the notice required by subdivision (1).
(B) A statement disclosing the impact of the global commerce
center, including the following:
(i) The estimated economic benefits and costs incurred by
the global commerce center, as measured by increased
employment and anticipated growth of real property
assessed values.
(ii) The anticipated impact on tax revenues of each taxing
unit.
The notice must state the general boundaries of the global
commerce center and must state that written remonstrances may
be filed with the county fiscal body until the time designated for the
hearing. The notice must also name the place, date, and time when
the county fiscal body will receive and hear remonstrances and
objections from persons interested in or affected by the proceedings
pertaining to the proposed allocation area and will determine the
public utility and benefit of the proposed allocation area. The
county fiscal body shall file the information required by subdivision
(2) with the officers of the taxing unit who are authorized to fix
budgets, tax rates, and tax levies under IC 6-1.1-17-5 at least ten
(10) days before the date of the public hearing. All persons affected
in any manner by the hearing, including all taxpayers within the
county, shall be considered notified of the pendency of the hearing
and of subsequent acts, hearings, adjournments, and orders of the
county fiscal body affecting the allocation area if the county fiscal
body gives the notice required by this section.
(d) At the hearing, which may be recessed and reconvened
periodically, the county fiscal body shall hear all persons interested
in the proceedings and shall consider all written remonstrances and
objections that have been filed. After considering the evidence
presented, the county fiscal body shall take final action in
determining the public utility and benefit of the proposed allocation
area confirming, modifying and confirming, or rescinding the
resolution. The final action taken by the county fiscal body shall be
recorded and is final and conclusive.
Sec. 18. (a) A unit may issue bonds for the purpose of providing
public facilities under this chapter.
(b) The bonds are payable from any funds available to the unit.
(c) The bonds shall be authorized by a resolution of the unit.
(d) The terms and form of the bonds shall be set out either in the
resolution or in a form of trust indenture approved by the
resolution.
(e) The bonds must mature within fifty (50) years.
(f) The unit shall sell the bonds at public or private sale upon
terms determined by the district.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment of the cost of providing
public facilities within a global commerce center, or the cost of
refunding or refinancing outstanding bonds, for which the bonds
are issued. The cost may include the cost of:
(1) planning and development of the public facilities and all
related buildings, facilities, structures, and improvements;
(2) acquisition of a site and clearing and preparing the site for
construction;
(3) equipment, facilities, structures, and improvements that are
necessary or desirable to make the public facilities suitable for
use and operation;
(4) architectural, engineering, consultant, and attorney's fees;
(5) incidental expenses in connection with the issuance and sale
of bonds;
(6) reserves for principal and interest;
(7) interest during construction and for a period thereafter
determined by the district, but not to exceed five (5) years;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,
letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of the
principal of, redemption premiums, if any, for, and interest on,
the bonds being refunded or refinanced.
(h) A unit that issues bonds under this section may enter an
interlocal agreement with any other unit located in the area served
by the district in which the global commerce center is designated.
A party to an agreement under this section may pledge any of its
revenues, including taxes or allocated taxes under IC 36-7-14, to
the bonds or lease rental obligations of another party to the
agreement.
Sec. 19. (a) The district shall establish a regional economic
development fund.
(b) The fund consists of:
(1) revenues received under section 16 of this chapter;
predominately used by the purchaser for the excepted uses listed in
this subdivision.
(4) The power subsidiary or person sells the services or
commodities listed in subsection (b) and all the following
conditions are satisfied:
(A) The services or commodities are sold to a business that after
June 30, 2004:
(i) relocates all or part of its operations to a facility; or
(ii) expands all or part of its operations in a facility;
located in a military base (as defined in IC 36-7-30-1(c)), a
military base reuse area established under IC 36-7-30, an
economic development area established under IC 36-7-14.5-12.5,
or a military base recovery site designated under IC 6-3.1-11.5,
or a qualified military base enhancement area established
under IC 36-7-34.
(B) The business uses the services or commodities in the facility
described in clause (A) not later than five (5) years after the
operations that are relocated to the facility or expanded in the
facility commence.
(C) The sales of the services or commodities are separately
metered for use by the relocated or expanded operations.
(D) In the case of a business that uses the services or
commodities in a qualified military base enhancement area,
the business must satisfy at least one (1) of the following
criteria:
(i) The business is a participant in the technology transfer
program conducted by the qualified military base (as
defined in IC 36-7-34-3).
(ii) The business is a United States Department of Defense
contractor.
(iii) The business and the qualified military base have a
mutually beneficial relationship evidenced by a
memorandum of understanding between the business and
the United States Department of Defense.
However, this subdivision does not apply to a business that
substantially reduces or ceases its operations at another location in
Indiana in order to relocate its operations in an area described in
this subdivision, unless the department determines that the business
had existing operations in the area described in this subdivision and
that the operations relocated to the area are an expansion of the
business's operations in the area.
FOLLOWS [EFFECTIVE JANUARY 1, 2006]: Sec. 9. (a) Subject to
subsection (c), a taxpayer is entitled to a credit against the taxpayer's
state tax liability for a taxable year if the taxpayer makes a qualified
investment in that taxable year.
(b) The amount of the credit to which a taxpayer is entitled is the
percentage determined under section 12 of this chapter multiplied by
the amount of the qualified investment made by the taxpayer during the
taxable year.
(c) This subsection applies to a taxpayer making a qualified
investment in a business located in a qualified military base
enhancement area. To qualify for a credit under this chapter, the
taxpayer's qualified investment must be in a business that satisfies
at least one (1) of the following criteria:
(1) The business is a participant in the technology transfer
program conducted by the qualified military base (as defined
in IC 36-7-34-3).
(2) The business is a United States Department of Defense
contractor.
(3) The business and the qualified military base have a
mutually beneficial relationship evidenced by a memorandum
of understanding between the business and the United States
Department of Defense.
IC 5-1-14-4.
(e) (d) An economic development entity may not grant to another
entity the power to tax or to establish an allocation area under
IC 8-22-3.5, or IC 36-7-14-39, or IC 36-7-15.1.
(f) (e) An agreement under this section does not have to comply with
section 3(a)(5) or 4 of this chapter.
(g) (f) An action to challenge the validity of an agreement under this
section must be brought within thirty (30) days after the agreement has
been approved by all the parties to the agreement. After that period has
passed, the agreement is not contestable for any cause.
any cause.
qualified.
If a vacancy occurs, a successor shall be appointed in the same
manner as the original member. The successor shall serve for the
remainder of the vacated term.
(b) Each member of a development authority, before beginning
the member's duties, shall take and subscribe an oath of office in
the usual form, to be endorsed on the certificate of the member's
appointment. The endorsed certificate must be promptly filed with
the clerk for the unit that the member serves.
(c) Each member of a development authority, before beginning
the member's duties, shall execute a bond payable to the state, with
surety to be approved by the executive of the unit. The bond must
be:
(1) in the penal sum of fifteen thousand dollars ($15,000); and
(2) conditioned on the faithful performance of the duties of the
member's office and the accounting for all money and property
that may come into the member's hands or under the member's
control.
(d) A member of a development authority must be:
(1) at least eighteen (18) years of age; and
(2) a resident of the county responsible for the member's
appointment.
(e) If a member ceases to be qualified under this section, the
member forfeits the member's office.
(f) Members of a development authority are not entitled to
salaries but are entitled to reimbursement for expenses necessarily
incurred in the performance of their duties.
Sec. 12. (a) The development authority members shall hold a
meeting for the purpose of organization not later than thirty (30)
days after they are appointed and, after that, each year on the first
day in January that is not a Saturday, Sunday, or legal holiday.
The members shall choose one (1) of their members as president,
another as vice president, and another as secretary-treasurer.
These officers shall perform the duties usually concerning their
offices and shall serve from the date of their election until their
successors are elected and qualified.
(b) Except as otherwise provided in this chapter, the
secretary-treasurer shall be responsible for the funds and accounts
of the development authority. The development authority may:
(1) employ personnel for compensation to assist the
secretary-treasurer; or
(2) designate or appoint a fiscal officer of a county responsible
for appointing one (1) or more development authority members
to perform the duties that are delegated by the development
authority and accepted by the fiscal officer.
(c) The members of a development authority may adopt rules and
bylaws the members consider necessary for:
(1) the proper conduct of proceedings;
(2) carrying out of the members' duties; and
(3) safeguarding the money and property placed in the
members' custody by this chapter.
improve, or renovate the following:
(A) Local public improvements or structures that are
necessary for the development of military base property.
(B) Any structure that enhances the development, economic
development, or reuse of military base property.
(21) Accept loans, grants, and other forms of financial
assistance from the federal government, the state government,
a municipal corporation, a special taxing district, a foundation,
or any other source.
(22) Provide financial assistance, in the manner that best serves
the purposes of this chapter, including grants and loans, to
enable private enterprise to develop, redevelop, and reuse
military base property or otherwise enable private enterprise
to provide social and economic benefits to the citizens of the
state.
(23) Enter into contracts for providing police, fire protection,
and utility services to the military base development area.
(24) Make and enter into all contracts and agreements
necessary or incidental to the performance of the duties of the
development authority and the execution of the power of the
development authority under this chapter.
(25) Adopt a seal.
(26) Take any action necessary to implement the purposes of
the development authority.
Sec. 16. (a) The development authority shall adopt a plan for the:
(1) rehabilitation;
(2) development;
(3) redevelopment; and
(4) reuse;
of military base property to be acquired from the federal
government upon the closure or scheduled closure of the military
base.
(b) In conjunction with the plan adopted under subsection (a), the
development authority may adopt a resolution declaring that a
geographic area is a military base development area and approving
the plan if it makes the following findings:
(1) All or part of a military base is located in the military base
development area.
(2) The plan for the military base development area will
accomplish the public purposes of this chapter, supported by
specific findings of fact to be adopted by the development
authority.
(3) The public health and welfare will be benefitted by
accomplishment of the plan for the military base development
area.
(4) The plan for the military base development area conforms
to other development and redevelopment plans for the counties
represented on the development authority.
(c) A military base development area may include territory
within military base property. However, a military base
development area may not include any area of land that constitutes
part of an economic development area, a blighted area, or an urban
renewal area under IC 36-7-14.
(d) The resolution must state:
(1) the general boundaries of the area; and
(2) that the development authority proposes to acquire all the
interests in the land within the boundaries, with certain
designated exceptions, if any.
(e) For the purpose of adopting a resolution under subsection (b),
it is sufficient to describe the boundaries of the area by its location
in relation to public ways or streams, or otherwise, as determined
by the development authority. Property excepted from the
acquisition may be described by street numbers or location.
Sec. 17. (a) After adoption of a resolution under section 16 of this
chapter, the development authority shall submit the resolution and
supporting data to the plan commission of an affected unit or other
body charged with the duty of developing a general plan for the
unit, if there is such a body. The plan commission may determine
whether the resolution and the development plan conform to the
plan of development for the unit and approve or disapprove the
resolution and plan proposed. The development authority may
amend or modify the resolution and proposed plan to conform to
the requirements of a plan commission. A plan commission shall
issue a written order approving or disapproving the resolution and
military base development plan, and may with the consent of the
development authority rescind or modify the order.
(b) The determination that a geographic area is a military base
development area must be approved by an affected unit's legislative
body.
(c) After receipt of all orders and approvals required under
subsections (a) and (b), the development authority shall publish
notice of the adoption and the substance of the resolution in
accordance with IC 5-3-1. The notice must name a date when the
development authority will receive and hear remonstrances and
objections from persons interested in or affected by the proceedings
concerning the proposed project and will determine the public
utility and benefit of the proposed project. All persons affected in
any manner by the hearing shall be considered notified of the
pendency of the hearing and of subsequent acts, hearings,
adjournments, and orders of the development authority by the
notice given under this section.
(d) At the hearing under subsection (c), which may be adjourned
from time to time, the development authority shall:
(1) hear all persons interested in the proceedings; and
(2) consider all written remonstrances and objections that have
been filed.
After considering the evidence presented, the development
authority shall take final action determining the public utility and
benefit of the proposed project, and confirming, modifying and
confirming, or rescinding the resolution. The final action taken by
the development authority is final and conclusive, except that an
appeal may be taken in the manner prescribed by section 19 of this
chapter.
Sec. 18. (a) The development authority must conduct a public
hearing before amending a resolution or plan for a military base
development area. The development authority shall give notice of
the hearing in accordance with IC 5-3-1. The notice must do the
following:
(1) Set forth the substance of the proposed amendment.
(2) State the time and place where written remonstrances
against the proposed amendment may be filed.
(3) Set forth the date, time, and place of the hearing.
(4) State that the development authority will hear any person
who has filed a written remonstrance during the filing period
set forth in subdivision (2).
(b) For the purposes of this section, the consolidation of areas is
not considered the enlargement of the boundaries of an area.
(c) If the development authority proposes to amend a resolution
or plan, the development authority is not required to have evidence
or make findings that were required for the establishment of the
original military base development area. However, the development
authority must make the following findings before approving the
amendment:
(1) The amendment is reasonable and appropriate when
considered in relation to the original resolution or plan and the
purposes of this chapter.
(2) The resolution or plan, with the proposed amendment,
conforms to the comprehensive plan for an affected unit.
(d) Notwithstanding subsections (a) and (c), if the resolution or
plan is proposed to be amended in a way that enlarges the original
boundaries of the area by more than twenty percent (20%), the
development authority must use the procedure provided for the
original establishment of areas and must comply with sections 16
through 17 of this chapter.
(e) At the hearing on the amendments, the development authority
shall consider written remonstrances that are filed. The action of
the development authority on the amendment is final and
conclusive, except that an appeal of the development authority's
action may be taken under section 19 of this chapter.
Sec. 19. (a) A person who filed a written remonstrance with the
development authority under section 17 or 18 of this chapter and
is aggrieved by the final action taken may, not more than ten (10)
days after that final action, file in the office of the clerk of an
appropriate circuit or superior court a copy of the order of the
development authority and person's remonstrances against that
order, together with the person's bond conditioned to pay the costs
of the person's appeal if the appeal is determined against the
person. The only ground of remonstrance that the court may hear
is whether the proposed project will be of public utility and benefit.
The burden of proof is on the remonstrator.
(b) An appeal under this section shall be promptly heard by the
court without a jury. All remonstrances upon which an appeal has
been taken shall be consolidated and heard and determined not
more than thirty (30) days after the time of the filing of the appeal.
The court shall hear evidence on the remonstrances and may
confirm the final action of the development authority or sustain the
remonstrances. The judgment of the court is final and conclusive,
unless an appeal is taken as in other civil actions.
Sec. 20. (a) If:
(1) an appeal is not taken; or
(2) an appeal is taken but is unsuccessful;
the development authority shall proceed with the plan to the extent
that money is available for that purpose.
(b) Negotiations for the purchase of property may be carried on
directly by the development authority, by its employees, or by
expert negotiators. However, an option, a contract, or an
understanding relative to the purchase of real property is not
binding on the development authority until approved and accepted
by the development authority in writing. Payment for the property
purchased shall be made when and as directed by the development
authority but only on delivery of proper instruments conveying the
title or interest of the owner to the development authority or its
designee.
(c) The acquisition of real and personal property by the
development authority under this chapter is not subject to the
provisions of IC 5-22, IC 36-1-10.5, or any other statutes governing
the purchase of property by public bodies or their agencies.
Sec. 21. (a) If the development authority considers it necessary to
acquire real property in or serving a development area by the
exercise of the power of eminent domain, the development
authority shall adopt a resolution setting out its determination to
exercise that power and directing its attorney to file a petition on
behalf of the development authority in the circuit or superior court
of the county in which the property is situated. The resolution must
be approved by the legislative body of the affected unit before the
petition is filed.
(b) Eminent domain proceedings under this section are governed
by IC 32-24 and other applicable statutory provisions for the
exercise of the power of eminent domain. Property already devoted
to a public use may be acquired under this section. However,
property belonging to the state or a political subdivision may not
be acquired without the consent of the state or the political
subdivision.
(c) The court having jurisdiction shall direct the clerk of the
circuit court to execute a deed conveying the title of real property
acquired under this section to the development authority for the
use and benefit of the development authority.
Sec. 22. (a) The development authority may proceed with the
clearing and replanning of the area described in the resolution
before the acquisition of all of the area. The development authority
may also proceed with the repair and maintenance of buildings that
have been acquired and are not to be cleared. This clearance,
repair, and maintenance may be carried out by labor employed
directly by the development authority or by contract. Contracts for
clearance may provide that the contractor is entitled to retain and
dispose of salvaged material, as a part of the contract price or on
the basis of stated prices for the amounts of the various materials
actually salvaged.
(b) All contracts for material or labor under this section shall be
let under IC 36-1.
(c) To the extent the development authority undertakes to engage
in the planning and rezoning of the real property acquired, in the
opening, closing, relocation, and improvement of public ways, and
in the construction, relocation, and improvement of levees, sewers,
parking facilities, and utility services, the development authority
shall proceed in the same manner as private owners of the
property. The development authority may negotiate with the
proper officers and agencies of the unit to secure the proper orders,
approvals, and consents.
(d) Construction work required in connection with improvements
in the area described in the resolution may be carried out by the
following:
(1) The appropriate municipal or county department or
agency.
(2) The development authority, if:
(A) all plans, specifications, and drawings are approved by
the appropriate department or agency; and
(B) the statutory procedures for the letting of contracts by
the appropriate department or agency are followed by the
development authority.
(e) The development authority may pay any charges or
assessments made on account of orders, approvals, consents, and
construction work under this section, or may agree to pay the
assessments in installments as provided by statute in the case of
private owners. The development authority may do the following:
(1) By special waiver filed with the appropriate municipal
works board or county executive, waive the statutory
procedure and notices required by law in order to create valid
liens on private property.
(2) Cause any assessments to be spread on a different basis
than that provided by statute.
(f) The real property acquired under this chapter may not be set
aside and dedicated for public ways, parking facilities, sewers,
levees, parks, or other public purposes until the development
authority has obtained the consent and approval of the department
or agency under whose jurisdiction the property will be placed.
(g) The development authority may negotiate for the sale, lease,
or other disposition of real and personal property without
complying with the provisions of IC 36-1-11 or any other statute
governing the disposition of public property. A conveyance under
this section may not be made until the agreed consideration has
been paid, unless the development authority passes a resolution
expressly providing that the consideration does not have to be paid
before the conveyance is made. The resolution may provide for a
mortgage or other security. All deeds, leases, land sale contracts, or
other conveyances shall be:
(1) executed in the name of the development authority; and
(2) signed by the president or vice president of the development
authority and attested by the secretary-treasurer.
A seal is not required on these instruments or any other
instruments executed in the name of the development authority.
Proceeds from the sale, lease, or other disposition of property may
be deposited in any fund and used for any purpose allowed under
this chapter, as directed by the development authority.
Sec. 23. (a) In addition to other methods of raising money for
property acquisition, redevelopment, reuse, or economic
development activities in or directly serving or benefitting a
military base development area, and in anticipation of the taxes
allocated under section 30 of this chapter, other revenues of the
district, or any combination of these sources, the development
authority may by resolution issue the bonds of the development
authority.
(b) The secretary-treasurer of the development authority shall
prepare the bonds. The seal of the development authority must be
impressed on the bonds or a facsimile of the seal must be printed
on the bonds.
(c) The bonds must be executed by the president of the
development authority and attested by the secretary-treasurer.
(d) The bonds are exempt from taxation for all purposes.
(e) Bonds issued under this section may be sold at public sale in
accordance with IC 5-1-11 or at a negotiated sale.
(f) The bonds are not a corporate obligation of a unit but are an
indebtedness of only the development authority. The bonds and
interest are payable, as set forth in the bond resolution of the
development authority, from any of the following:
(1) The tax proceeds allocated under section 30 of this chapter.
(2) Other revenues available to the development authority.
(3) A combination of the methods stated in subdivisions (1)
through (2).
The bonds issued under this section may be issued in any amount
without limitation.
(g) Proceeds from the sale of bonds may be used to pay the cost
of interest on the bonds for a period not to exceed five (5) years
after the date of issuance.
(h) All laws relating to the filing of petitions requesting the
issuance of bonds and the right of taxpayers to remonstrate against
the issuance of bonds do not apply to bonds issued under this
chapter.
(i) If a debt service reserve is created from the proceeds of bonds,
the debt service reserve may be used to pay principal and interest
on the bonds as provided in the bond resolution.
(j) If bonds are issued under this chapter that are payable solely
or in part from revenues of the development authority, the
development authority may adopt a resolution or trust indenture
or enter into covenants as is customary in the issuance of revenue
bonds. The resolution or trust indenture may pledge or assign
revenues of the development authority and properties becoming
available to the development authority under this chapter. The
resolution or trust indenture may also contain provisions for
protecting and enforcing the rights and remedies of the bond
owners as may be reasonable and proper and not in violation of
law, including a covenant setting forth the duties of the
development authority. The development authority may establish
fees and charges for the use of any project and covenant with the
owners of any bonds to set the fees and charges at a rate sufficient
to protect the interest of the owners of the bonds. Revenue bonds
issued by the development authority that are payable solely from
revenues of the development authority shall contain a statement to
that effect in the form of the bond.
Sec. 24. (a) A development authority may enter into a lease of any
property that could be financed with the proceeds of bonds issued
under this chapter with a lessor for a term of not more than fifty
(50) years. The lease may provide for payments to be made by the
development authority from taxes allocated under section 30 of this
chapter, any other revenues available to the development authority,
or any combination of these sources.
(b) A lease may provide that payments by the development
authority to the lessor are required only to the extent and only for
the period that the lessor is able to provide the leased facilities in
accordance with the lease. The terms of each lease must be based
upon the value of the facilities leased and may not create a debt of
the unit or the district for purposes of the Constitution of the State
of Indiana.
(c) A lease may be entered into by the development authority only
after a public hearing by the development authority at which all
interested parties are provided the opportunity to be heard. After
the public hearing, the development authority may adopt a
resolution authorizing the execution of the lease on behalf of the
unit if the development authority finds that the service to be
provided throughout the term of the lease will serve the public
purpose of the unit and is in the best interests of its residents. Any
lease approved by a resolution of the development authority must
be approved by the fiscal body of the appropriate unit.
(d) A development authority entering into a lease payable from
allocated taxes under section 30 of this chapter or other available
funds of the development authority may do the following:
(1) Pledge the revenue to make payments under the lease under
IC 5-1-14-4.
(2) Establish a special fund to make the payments.
(e) Lease payments may be limited to money in the special fund
so that the obligations of the development authority to make the
lease rental payments are not considered a debt of a unit or the
district for purposes of the Constitution of the State of Indiana.
(f) Except as provided in this section, approvals of any
governmental body or agency are not required before the
development authority may enter into a lease under this section.
(g) If a development authority exercises an option to buy a leased
facility from a lessor, the development authority may subsequently
sell the leased facility, without regard to any other statute, to the
lessor at the end of the lease term at a price set forth in the lease or
at fair market value established at the time of the sale by the
development authority through auction, appraisal, or negotiation.
If the facility is sold at auction, after appraisal or through
negotiation, the development authority shall conduct a hearing
after public notice in accordance with IC 5-3-1 before the sale. Any
action to contest the sale must be brought not more than fifteen
(15) days after the hearing.
(h) Notwithstanding this section, a development authority may
negotiate and enter into leases of property from the United States
or any department or agency of the United States without
complying with the requirements of this section.
Sec. 25. (a) Any of the following persons may lease facilities
referred to in section 24 of this chapter to a development authority
under this chapter:
(1) A for-profit or nonprofit corporation organized under
Indiana law or admitted to do business in Indiana.
(2) A partnership, an association, a limited liability company,
or a firm.
(3) An individual.
(4) A redevelopment authority established under IC 36-7-14.5.
(b) Notwithstanding any other law, a lessor under this section and
section 24 of this chapter is a qualified entity for purposes of
IC 5-1.4.
(c) Notwithstanding any other law, a military base development
facility leased by the development authority under this chapter
from a lessor borrowing bond proceeds from a unit under
IC 36-7-12 is an economic development facility for purposes of
IC 36-7-11.9-3 and IC 36-7-12.
(d) Notwithstanding IC 36-7-12-25 and IC 36-7-12-26, payments
by a development authority to a lessor described in subsection (c)
may be made from sources set forth in section 24 of this chapter if
the payments and the lease are structured to prevent the lease
obligation from constituting a debt of a unit or the district for
purposes of the Constitution of the State of Indiana.
Sec. 26. (a) Notwithstanding any other law, the legislative body
of a unit may pledge revenues received or to be received by the unit
from:
(1) the unit's distributive share of the county adjusted gross
income tax under IC 6-3.5-1.1;
(2) the unit's distributive share of the county option income tax
under IC 6-3.5-6;
(3) the unit's distributive share of the county economic
development income tax under IC 6-3.5-7;
(4) any other source legally available to the unit for the
purposes of this chapter; or
(5) any combination of revenues under subdivisions (1) through
(4);
in any amount to pay amounts payable under section 23 or 24 of
this chapter.
(b) The legislative body may covenant to adopt an ordinance to
increase its tax rate under the county adjusted gross income tax,
county option income tax, county economic development income
tax, or any other revenues at the time it is necessary to raise funds
to pay any amounts payable under section 23 or 24 of this chapter.
(c) The development authority may pledge revenues received or
to be received from any source legally available to the development
authority for the purposes of this chapter in any amount to pay
amounts payable under section 23 or 24 of this chapter.
(d) The pledge or covenant under this section may be for:
(1) the term of the bonds issued under section 23 of this
chapter;
(2) the term of a lease entered into under section 24 of this
chapter; or
(3) for a shorter period as determined by the legislative body.
Money pledged by the legislative body under this section shall be
considered revenues or other money available to the development
authority under sections 23 through 24 of this chapter.
(e) The general assembly covenants not to impair this pledge or
covenant as long as any bonds issued under section 23 of this
chapter are outstanding or as long as any lease entered into under
section 24 of this chapter is still in effect. The pledge or covenant
shall be enforced as provided in IC 5-1-14-4.
Sec. 27. (a) All proceeds from the sale of bonds under section 23
of this chapter shall be kept as a separate and specific fund to pay
the expenses incurred in connection with the property acquisition,
redevelopment, reuse, and economic development of the military
base development area. The fund shall be known as the military
base development district capital fund.
(b) All gifts or donations that are given or paid to the
development authority or to a unit for military base development
purposes shall be promptly deposited to the credit of the military
base development district general fund unless otherwise directed by
the grantor. The development authority may use these gifts and
donations for the purposes of this chapter.
Sec. 28. (a) All payments from any of the funds established by
this chapter shall be made by warrants drawn by the
secretary-treasurer or the secretary-treasurer's agent under section
12 of this chapter on vouchers of the development authority signed
by the president or vice president and the secretary-treasurer or
executive director. An appropriation is not necessary, but all
money raised under this chapter is considered appropriated to the
respective purposes stated and is under the control of the
development authority. The development authority has complete
and exclusive authority to expend the money for the purposes
provided.
(b) Each fund established by this chapter is a continuing fund.
Sec. 29. (a) To finance activities authorized under this chapter,
the development authority may apply for and accept advances,
short term and long term loans, grants, contributions, and any
other form of financial assistance from the federal government, or
from any of its agencies. The development authority may also enter
into and carry out contracts and agreements in connection with
that financial assistance upon the terms and conditions that the
development authority considers reasonable and appropriate, if
those terms and conditions are not inconsistent with the purposes
of this chapter. The provisions of a contract or an agreement in
regard to the handling, deposit, and application of project funds,
as well as all other provisions, are valid and binding on the
development authority, notwithstanding any other provision of this
chapter.
(b) The development authority may issue and sell bonds, notes,
or warrants to the federal government to evidence short term or
long term loans made under this section, without notice of sale
being given or a public offering being made.
(c) Notwithstanding the provisions of this chapter or any other
law, the bonds, notes, or warrants issued by the development
authority under this section may:
(1) be in the amounts, form, or denomination;
(2) be either coupon or registered;
(3) carry conversion or other privileges;
(4) have a rank or priority;
(5) be of such description;
(6) be secured, subject to other provisions of this section, in
such manner;
(7) bear interest at a rate or rates;
(8) be payable as to both principal and interest in a medium of
payment, at time or times, which may be upon demand, and at
a place or places;
(9) be subject to terms of redemption, with or without
premium;
(10) contain or be subject to any covenants, conditions, and
provisions; and
(11) have any other characteristics;
that the development authority considers reasonable and
appropriate.
(d) Bonds, notes, or warrants issued under this section are not an
indebtedness of a unit or taxing district within the meaning of any
constitutional or statutory limitation of indebtedness. The bonds,
notes, or warrants are not payable from or secured by a levy of
taxes, but are payable only from and secured only by any
combination of:
(1) income;
(2) funds;
(3) properties of the project becoming available to the
development authority under this chapter; or
(4) any other legally available revenues of the development
authority;
as the development authority specifies in the resolution authorizing
their issuance.
(e) Bonds, notes, or warrants issued under this section are exempt
from taxation for all purposes.
(f) Bonds, notes, or warrants issued under this section must be
executed by the appropriate officers of a development authority
and must be attested by the appropriate officers of a development
authority.
(g) Following the adoption of the resolution authorizing the
issuance of bonds, notes, or warrants under this section, the
development authority shall certify a copy of that resolution to the
officers who have duties with respect to bonds, notes, or warrants
of the development authority. At the proper time, the development
authority shall deliver to the officers the unexecuted bonds, notes,
or warrants prepared for execution in accordance with the
resolution.
(h) All bonds, notes, or warrants issued under this section shall
be sold by the officers of a development authority who have duties
with respect to the sale of bonds, notes, or warrants of the
development authority. If an officer whose signature appears on
any bonds, notes, or warrants issued under this section leaves office
before their delivery, the signature remains valid and sufficient for
all purposes as if the officer had remained in office until the
delivery.
(i) If at any time during the life of a loan contract or agreement
under this section the development authority may obtain loans for
the purposes of this section from sources other than the federal
government at interest rates not less favorable than provided in the
loan contract or agreement, and if the loan contract or agreement
allows, the development authority may do so and may pledge the
loan contract and any rights under the contract as security for the
repayment of the loans obtained from other sources. A loan under
this subsection may be evidenced by bonds, notes, or warrants
issued and secured in the same manner as provided in this section
for loans from the federal government. The bonds, notes, or
warrants may be sold at either public or private sale, as the
development authority considers appropriate.
(j) Money obtained from the federal government or from other
sources under this section, and money that is required by a
contract or an agreement under this section to be used for project
expenditure purposes, repayment of survey and planning advances,
or repayment of temporary or definitive loans, may be expended by
the development authority without regard to any law concerning
the making and approval of budgets, appropriations, and
expenditures.
(k) Bonds, notes, or warrants issued under this section are
declared to be issued for an essential public and governmental
purpose.
Sec. 30. (a) The following definitions apply throughout this
section:
(1) "Allocation area" means that part of a military base
development area to which an allocation provision of a
declaratory resolution adopted under section 16 of this chapter
refers for purposes of distribution and allocation of property
taxes.
(2) "Base assessed value" means:
(A) the net assessed value of all the property as finally
determined for the assessment date immediately preceding
the adoption date of the allocation provision of the
declaratory resolution, as adjusted under subsection (h); plus
(B) to the extent that it is not included in clause (A) or (C),
the net assessed value of any and all parcels or classes of
parcels identified as part of the base assessed value in the
declaratory resolution or an amendment to the declaratory
resolution, as finally determined for any subsequent
assessment date; plus
(C) to the extent that it is not included in clause (A) or (B),
the net assessed value of property that is assessed as
residential property under the rules of the department of
local government finance, as finally determined for any
assessment date after the effective date of the allocation
provision.
(3) "Property taxes" means taxes imposed under IC 6-1.1 on
real property.
(b) A declaratory resolution adopted under section 16 of this
chapter before the date set forth in IC 36-7-14-39(b) pertaining to
declaratory resolutions adopted under IC 36-7-14-15 may include
a provision with respect to the allocation and distribution of
property taxes for the purposes and in the manner provided in this
section. A declaratory resolution previously adopted may include
an allocation provision by the amendment of that declaratory
resolution in accordance with the procedures set forth in section 18
of this chapter. The allocation provision may apply to all or part of
the military base development area. The allocation provision must
require that any property taxes subsequently levied by or for the
benefit of any public body entitled to a distribution of property
taxes on taxable property in the allocation area be allocated and
distributed as follows:
(1) Except as otherwise provided in this section, the proceeds
of the taxes attributable to the lesser of:
(A) the assessed value of the property for the assessment date
with respect to which the allocation and distribution is made;
or
(B) the base assessed value;
shall be allocated to and, when collected, paid into the funds of
the respective taxing units.
(2) Except as otherwise provided in this section, property tax
proceeds in excess of those described in subdivision (1) shall be
allocated to the development authority and, when collected,
paid into an allocation fund for that allocation area that may
be used by the development authority and only to do one (1) or
more of the following:
(A) Pay the principal of and interest and redemption
premium on any obligations incurred by the development
authority or any other entity for the purpose of financing or
refinancing military base development or reuse activities in
or directly serving or benefitting that allocation area.
(B) Establish, augment, or restore the debt service reserve for
bonds payable solely or in part from allocated tax proceeds
in that allocation area or from other revenues of the
development authority, including lease rental revenues.
(C) Make payments on leases payable solely or in part from
allocated tax proceeds in that allocation area.
(D) Reimburse any other governmental body for
expenditures made for local public improvements (or
structures) in or directly serving or benefitting that
allocation area.
(E) Pay all or a part of a property tax replacement credit to
taxpayers in an allocation area as determined by the
development authority. This credit equals the amount
determined under the following STEPS for each taxpayer in
a taxing district (as defined in IC 6-1.1-1-20) that contains all
or part of the allocation area:
STEP ONE: Determine that part of the sum of the amounts
under IC 6-1.1-21-2(g)(1)(A), IC 6-1.1-21-2(g)(2),
IC 6-1.1-21-2(g)(3), IC 6-1.1-21-2(g)(4), and
IC 6-1.1-21-2(g)(5) that is attributable to the taxing district.
STEP TWO: Divide:
(i) that part of each county's eligible property tax
replacement amount (as defined in IC 6-1.1-21-2) for that
year as determined under IC 6-1.1-21-4 that is attributable
to the taxing district; by
(ii) the STEP ONE sum.
STEP THREE: Multiply:
(i) the STEP TWO quotient; by
(ii) the total amount of the taxpayer's taxes (as defined in
IC 6-1.1-21-2) levied in the taxing district that have been
allocated during that year to an allocation fund under this
section.
If not all the taxpayers in an allocation area receive the credit
in full, each taxpayer in the allocation area is entitled to
receive the same proportion of the credit. A taxpayer may
not receive a credit under this section and a credit under
section 32 of this chapter in the same year.
(F) Pay expenses incurred by the development authority for
local public improvements or structures that were in the
allocation area or directly serving or benefitting the
allocation area.
(G) Reimburse public and private entities for expenses
incurred in training employees of industrial facilities that are
located:
(i) in the allocation area; and
(ii) on a parcel of real property that has been classified as
industrial property under the rules of the department of
local government finance.
However, the total amount of money spent for this purpose
in any year may not exceed the total amount of money in the
allocation fund that is attributable to property taxes paid by
the industrial facilities described in this clause. The
reimbursements under this clause must be made not more
than three (3) years after the date on which the investments
that are the basis for the increment financing are made.
The allocation fund may not be used for operating expenses of
the development authority.
(3) Except as provided in subsection (g), before July 15 of each
year the development authority shall do the following:
(A) Determine the amount, if any, by which property taxes
payable to the allocation fund in the following year will
exceed the amount of property taxes necessary to make,
when due, principal and interest payments on bonds
described in subdivision (2) plus the amount necessary for
other purposes described in subdivision (2).
(B) Notify the appropriate county auditor of the amount, if
any, of the amount of excess property taxes that the
development authority has determined may be paid to the
respective taxing units in the manner prescribed in
subdivision (1). The development authority may not
authorize a payment to the respective taxing units under this
subdivision if to do so would endanger the interest of the
holders of bonds described in subdivision (2) or lessors under
section 24 of this chapter. Property taxes received by a taxing
unit under this subdivision are eligible for the property tax
replacement credit provided under IC 6-1.1-21.
(c) For the purpose of allocating taxes levied by or for any taxing
unit or units, the assessed value of taxable property in a territory
in the allocation area that is annexed by a taxing unit after the
effective date of the allocation provision of the declaratory
resolution is the lesser of:
(1) the assessed value of the property for the assessment date
with respect to which the allocation and distribution is made;
or
(2) the base assessed value.
(d) Property tax proceeds allocable to the military base
development district under subsection (b)(2) may, subject to
subsection (b)(3), be irrevocably pledged by the military base
development district for payment as set forth in subsection (b)(2).
(e) Notwithstanding any other law, each assessor shall, upon
petition of the development authority, reassess the taxable property
situated upon or in or added to the allocation area, effective on the
next assessment date after the petition.
(f) Notwithstanding any other law, the assessed value of all
taxable property in the allocation area, for purposes of tax
limitation, property tax replacement, and the making of the budget,
tax rate, and tax levy for each political subdivision in which the
property is located is the lesser of:
(1) the assessed value of the property as valued without regard
to this section; or
replacement amount (as defined in IC 6-1.1-21-2) for that
year as determined under IC 6-1.1-21-4 that is attributable
to the taxing district; by
(B) the STEP ONE sum.
STEP THREE: Multiply:
(A) the STEP TWO quotient; by
(B) the total amount of the taxpayer's taxes (as defined in
IC 6-1.1-21-2) levied in the taxing district that would have
been allocated to an allocation fund under section 30 of this
chapter had the additional credit described in this section not
been given.
The additional credit reduces the amount of proceeds allocated to
the military base development district and paid into an allocation
fund under section 30(b)(2) of this chapter.
(d) If the additional credit under subsection (c) is not reduced
under subsection (e) or (f), the credit for property tax replacement
under IC 6-1.1-21-5 and the additional credit under subsection (c)
shall be computed on an aggregate basis for all taxpayers in a
taxing district that contains all or part of an allocation area. The
credit for property tax replacement under IC 6-1.1-21-5 and the
additional credit under subsection (c) shall be combined on the tax
statements sent to each taxpayer.
(e) Upon the recommendation of the development authority, the
municipal legislative body of an affected municipality or the county
executive of an affected county may by resolution provide that the
additional credit described in subsection (c):
(1) does not apply in a specified allocation area; or
(2) is to be reduced by a uniform percentage for all taxpayers
in a specified allocation area.
(f) If the municipal legislative body or county executive
determines that granting the full additional credit under subsection
(c) would adversely affect the interests of the holders of bonds or
other contractual obligations that are payable from allocated tax
proceeds in that allocation area in a way that would create a
reasonable expectation that those bonds or other contractual
obligations would not be paid when due, the municipal legislative
body or county executive must adopt a resolution under subsection
(e) to deny the additional credit or reduce the credit to a level that
creates a reasonable expectation that the bonds or other obligations
will be paid when due. A resolution adopted under subsection (e)
denies or reduces the additional credit for property taxes first due
and payable in the allocation area in any year following the year in
which the resolution is adopted.
(g) A resolution adopted under subsection (e) remains in effect
until rescinded by the body that originally adopted the resolution.
However, a resolution may not be rescinded if the rescission would
adversely affect the interests of the holders of bonds or other
obligations that are payable from allocated tax proceeds in that
allocation area in a way that would create a reasonable expectation
that the principal of or interest on the bonds or other obligations
would not be paid when due. If a resolution is rescinded and no
other resolution is adopted, the additional credit described in
subsection (c) applies to property taxes first due and payable in the
allocation area in each year following the year in which the
resolution is rescinded.
(h) This subsection applies to an allocation area only to the extent
that the net assessed value of property that is assessed as residential
property under the rules of the department of local government
finance is not included in the base assessed value. If property tax
installments with respect to a homestead (as defined in
IC 6-1.1-20.9-1) are due in installments established by the
department of local government finance under IC 6-1.1-22-9.5,
each taxpayer subject to those installments in an allocation area is
entitled to an additional credit under subsection (c) for the taxes (as
defined in IC 6-1.1-21-2) due in installments. The credit shall be
applied in the same proportion to each installment of taxes (as
defined in IC 6-1.1-21-2).
Sec. 33. Notwithstanding any other law, utility services provided
within the military base development district are subject to
regulation by the appropriate regulatory agencies unless the utility
service is provided by a utility that provides utility service solely
within the geographic boundaries of an existing or a closed military
installation by a utility facility in existence and operating on July
1, 1995, in which case the utility service is not subject to regulation
for purposes of rate making, regulation, service delivery, or
issuance of bonds or other forms of indebtedness. However, this
exemption from regulation does not apply to utility service if the
service is generated, treated, or produced outside the boundaries
of the existing or closed military installation.
Sec. 34. (a) As used in this section, the following terms have the
meanings set forth in IC 6-1.1-1:
(1) Assessed value.
(2) Owner.
(3) Person.
(4) Personal property.
(5) Property taxation.
(6) Tangible property.
(7) Township assessor.
(b) As used in this section, "PILOTS" means payments in lieu of
taxes.
(c) The general assembly finds the following:
(1) That the closing of a military base in a unit results in an
increased cost to the unit of providing governmental services to
the area formerly occupied by the military base.
(2) That military base property held by a development
authority is exempt from property taxation, resulting in the
lack of an adequate tax base to support the increased
governmental services.
(3) That to restore this tax base and provide a proper allocation
of the cost of providing governmental services the fiscal body
of the unit should be authorized to collect PILOTS from the
development authority.
redevelopment commission that establishes a certified technology park
under this chapter shall establish a certified technology park fund to
receive:
(1) property tax proceeds allocated under section 17 of this chapter;
and
(2) money distributed to the redevelopment commission under
section 22 of this chapter.
(b) Money deposited in the certified technology park fund may be
used by the redevelopment commission only for one (1) or more of the
following purposes:
(1) Acquisition, improvement, preparation, demolition, disposal,
construction, reconstruction, remediation, rehabilitation,
restoration, preservation, maintenance, repair, furnishing, and
equipping of public facilities.
(2) Operation of public facilities described in section 9(2) of this
chapter.
(3) Payment of the principal of and interest on any obligations that
are payable solely or in part from money deposited in the fund and
that are incurred by the redevelopment commission for the purpose
of financing or refinancing the development of public facilities in
the certified technology park.
(4) Establishment, augmentation, or restoration of the debt service
reserve for obligations described in subdivision (3).
(5) Payment of the principal of and interest on bonds issued by the
unit to pay for public facilities in or serving the certified
technology park.
(6) Payment of premiums on the redemption before maturity of
bonds described in subdivision (3).
(7) Payment of amounts due under leases payable from money
deposited in the fund.
(8) Reimbursement to the unit for expenditures made by it for
public facilities in or serving the certified technology park.
(9) Payment of expenses incurred by the redevelopment
commission for public facilities that are in the certified technology
park or serving the certified technology park.
(10) For any purpose authorized by an agreement between
redevelopment commissions entered into under section 26 of
this section.
(c) The certified technology park fund may not be used for operating
expenses of the redevelopment commission.
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Senator FordRepresentative Koch
Chairperson
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Senator SimpsonRepresentative Crooks
Senate Conferees House Conferees