Citations Affected: IC 36-7.
Synopsis: Multi-jurisdictional economic development. Authorizes
various economic development entities to enter into written agreements
for jointly undertaken economic development projects.
Effective: July 1, 2005.
January 20, 2005, read first time and referred to Committee on Economic Development
and Technology.
A BILL FOR AN ACT to amend the Indiana Code concerning
economic development.
economic development entities may enter into a written agreement
under section 3 of this chapter if the agreement is requested by the
executive of a city or county described in subsection (a) and if the
agreement is approved by each entity's governing body. and by the
executive of a city or county described in subsection (a).
(d) (c) A party to an agreement under this section may do one (1) or
more of the following:
(1) Except as provided in subsection (e), (d), grant one (1) or
more of its powers to another party to the agreement.
(2) Exercise any power granted to it by a party to the agreement.
(3) Pledge any of its revenues, including taxes or allocated taxes
under IC 36-7-14, IC 36-7-15.1, or IC 8-22-3.5, to the bonds or
lease rental obligations of another party to the agreement under
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.
1, 2005]: Sec. 21. (a) Two (2) or more:
(1) advisory commissions; or
(2) legislative bodies;
or any combination of advisory commissions and legislative bodies
may enter into a written agreement under this section to jointly
undertake economic development projects.
(b) A party to an agreement under this section may do one (1)
or more of the following:
(1) Except as provided in subsection (c), grant one (1) or more
of its powers to another party to the agreement.
(2) Exercise any power granted to it by a party to the
agreement.
(3) Pledge any of its revenues to the bonds or lease rental
obligations of another party to the agreement under
IC 5-1-14-4.
(c) A party to an agreement under this section may not grant
another party to the agreement the power to tax or to establish a
district under this chapter.
(d) An action to challenge the validity of an agreement under
this section must be brought not more than 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.
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.
may enter into a written agreement under this section to jointly
undertake economic development projects in the certified
technology parks established by the redevelopment commissions
that are parties to the agreement.
(b) A party to an agreement under this section may do one (1)
or more of the following:
(1) Except as provided in subsection (c), grant one (1) or more
of its powers to another party to the agreement.
(2) Exercise any power granted to it by a party to the
agreement.
(3) Pledge any of its revenues, including taxes or allocated
taxes under section 17 of this chapter, to the bonds or lease
rental obligations of another party to the agreement under
IC 5-1-14-4.
(c) A redevelopment commission may not grant to another
redevelopment commission the power to tax or to establish an
allocation area under this chapter.
(d) An action to challenge the validity of an agreement under
this section must be brought not more than 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.