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Indiana Code Title 36. Local Government § 36-7-32.5-19

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 19. (a) The corporation shall establish a local innovation development district fund for each innovation development district designated under section 9 of this chapter.

(b) Each fund consists of:

(1) deposits of incremental property tax revenue from the county auditor as provided in section 14(d) of this chapter;  and

(2) transfers from the department of state revenue under section 18 of this chapter.

(c) The corporation shall administer each local innovation development district fund established under this section.  The expenses of administering each fund shall be paid from money in that fund.

(d) The corporation may use money in each fund for the following purposes:

(1) The acquisition, improvement, preparation, demolition, disposal, construction, reconstruction, remediation, rehabilitation, restoration, preservation, maintenance, repair, furnishing, and equipping of public facilities, including but not limited to utilities and transportation infrastructure.

(2) The operation of public facilities.

(3) The acquisition of land within the innovation development district.

(4) The recruitment of new businesses and new employees to the innovation development district.

(5) The training of individuals employed in the innovation development district.

(6) The payment of economic development incentives granted by the corporation to businesses located within the boundaries of the innovation development district.

(e) Not later than August 1 of each year, the corporation shall transfer an amount of incremental property tax revenues that may not be less than twelve percent (12%) of the annual amount of incremental property tax revenue deposited under subsection (b)(1) to the general fund of each city, town, county, or school corporation with territory located within the innovation development district.  If the corporation is required to transfer funds to more than one (1) city, town, county, or school corporation under this subsection, the amount transferred to each city, town, county, and school corporation must be allocated among each city, town, county, and school corporation proportionately based on each city's, town's, county's, and school corporation's property tax levy applied to property located within the innovation development district.  A transfer under this subsection does not reduce the actual or maximum permissible levy of a city, town, county, or school corporation and may not be considered in determining a city's, town's, county's, or school corporation's maximum permissible ad valorem property tax levy limit under IC 6-1.1-18.5.

(f) Each state fiscal year, the corporation shall, after:

(1) making the transfer required under subsection (e);

(2) paying all obligations and expenses of the innovation development district in accordance with an agreement entered into under section 12 of this chapter, including payment of any economic development incentives for businesses located within the boundaries of the innovation development district;  and

(3) satisfying all debt service obligations due and payable during the state fiscal year for bonds issued under IC 5-1.2-4-4(a)(2);

transfer from each local innovation development district fund to the economic development reserve account established by section 20.5 of this chapter an amount not to exceed one hundred percent (100%) of the net incremental revenue derived from state income taxes and gross retail taxes deposited into each fund during the immediately preceding state fiscal year.

(g) Money in each local innovation development district fund at the end of a state fiscal year does not revert to the state general fund.

(h) Money in each local innovation development district fund is continuously appropriated for the purposes specified in this section.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-7-32.5-19 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-7-32-5-19/

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