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Indiana Code Title 36. Local Government § 36-7-32.5-22

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

Sec. 22. The corporation shall provide information on the innovation development district program in its economic incentive and compliance report submitted pursuant to IC 5-28-28-5, and to the budget committee, that includes the following:

(1) Metrics established by the corporation to evaluate the effectiveness of the innovation development district in promoting economic growth in the state.

(2) The amount and name of each entity for which there is a unfunded obligation at the close of each state fiscal year.

(3) A report on each innovation development district designated under this chapter that includes a description of:

(A) the general boundaries of the innovation development district;

(B) the total acreage encompassed within the innovation development district;

(C) the base assessed value of the innovation development district;

(D) the gross retail base period amount determined for the innovation development district;

(E) the income tax base period amount determined for the innovation development district;

(F) the gross assessed value of all tangible real and personal property, without regard to any exemption granted by an executive or the corporation under section 15(b) of this chapter, that is:

(i) located within the innovation development district;  and

(ii) in the case of real property, assessed as commercial or industrial property under the rules of the department of local government finance;

in each calendar year after the calendar year in which the innovation development district was designated;

(G) the amount of incremental property tax revenue deposited into the local innovation development district fund established by section 19 of this chapter in each state fiscal year after the state fiscal year in which the innovation development district was designated;

(H) the amount of incremental state gross retail and use tax revenue deposited into the local innovation development district fund established by section 19 of this chapter in each state fiscal year after the state fiscal year in which the innovation development district was designated;

(I) the amount of incremental state adjusted gross income tax revenue deposited into the local innovation development district fund established by section 19 of this chapter in each state fiscal year after the state fiscal year in which the innovation development district was designated;

(J) the amount of revenue deposited into the local innovation development district fund established by section 19 of this chapter that was transferred into the economic development reserve account established under section 20.5 of this chapter in each state fiscal year after the state fiscal year in which the innovation development district was designated;

(K) the aggregate amount of bonds issued by the Indiana finance authority under IC 5-1.2-4-4(a)(2) to pay for projects within the innovation development district;

(L) the annual amount of debt service payments due on the bonds described in clause (K);  and

(M) a description of all economic development incentives granted by the corporation to businesses located within the innovation development district.

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Cite this article: FindLaw.com - Indiana Code Title 36. Local Government § 36-7-32.5-22 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-36-local-government/in-code-sect-36-7-32-5-22/

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