Indiana Code Title 36. Local Government § 36-7-32.5-12

(1) The executive, or, if applicable, the executives, and the corporation shall enter into an agreement establishing the terms and conditions governing the innovation development district in accordance with this section.

(2) If the executive, or, if applicable, the executives, and the corporation cannot enter into an agreement under subdivision (1), the designation of territory under section 9 of this chapter is no longer effective and the innovation development district may not be designated or otherwise established under this chapter.

(1) A description of the area, including a list of all parcels to be included within the innovation development district.

(2) Covenants and restrictions, if any, upon all or a part of the properties contained within the innovation development district and terms of enforcement of any covenants or restrictions.

(3) The due diligence and financial commitments of any party to the agreement and of any owner or developer of property within the innovation development district.

(4) The financial projections of the innovation development district.

(5) The proposed use of the:

that is captured within the innovation development district, including the amount of any funds expected to be allocated to the business or businesses that are locating within the innovation development district as economic development incentives.

(6) The aggregate percentage of annual incremental property tax revenue that will be transferred to the city, town, county, or school corporation, or, if applicable, the cities, towns, counties, or school corporations, under section 19(e) of this chapter.  The aggregate percentage transferred may not be less than twelve percent (12%) of the annual amount of incremental property tax revenue deposited in the local innovation development district fund established by section 19 of this chapter.

(7) Subject to the limitations of this chapter, the duration of the designation of an area as an innovation development district.

(8) The terms of enforcement of the agreement, which may include the definition of events of default, cure periods, legal and equitable remedies and rights, and penalties and damages, actual or liquidated, upon the occurrence of an event of default.

(9) The public facilities to be developed for the innovation development district and the estimated costs of those public facilities.

(1) The provisions listed in subsection (b)(1) through (b)(9).

(2) A provision prohibiting the city, county, town, or other entity that established the applicable existing allocation area described in section 10(b) of this chapter from incurring any additional obligations that require a pledge of future incremental property tax revenue to be paid from the applicable existing allocation area described in section 10(b) of this chapter without first obtaining the consent of the corporation.

(3) A provision requiring the maintenance of all applicable property tax records for the parcel or parcels located within the innovation development district during the term of the innovation development district.

(1) in the case of a city other than a consolidated city, the common council;

(2) in the case of a consolidated city, or a county having a consolidated city, the city-county council;

(3) in the case of a town, the town council;  and

(4) in the case of a county that does not have a consolidated city, the board of county commissioners.

(1) submit a written report on the agreement to the budget committee;  and

(2) provide notification of the designation to the department of state revenue and the department of local government finance.