Sec. 7. (a) The commission may find that a geographic territory is a maritime opportunity
district if the commission determines that:
(1) the territory is located adjacent to a state owned port on state owned land;
(2) there will be redevelopment or rehabilitation of property within the territory;
(3) the redevelopment or rehabilitation will require a substantial investment relative
to the size of the business making the investment;
(4) the business making an investment will be manufacturing goods;
(5) more than fifty percent (50%) of the goods manufactured are to be shipped through
a port operated by the state and are destined for international markets;
(6) the business is making a long term commitment to the territory; and
(7) there will be an increase in the revenue of the port.
(b) To make such a finding, the commission shall use the procedures prescribed in
section 8 of this chapter.
(c) The commission may adopt a resolution establishing general standards to be used,
along with the requirements set forth in subsection (a). The standards must have a reasonable relationship to the development objectives
of the district.
(d) If a person requests the designation of a territory as a district, the commission
may charge an application fee sufficient to defray actual processing and administrative
costs. In declaring a territory to be a district, the commission may limit the time period
to a certain number of calendar years during which the district shall be so designated. To exercise one (1) or more of these powers, the commission must include this fact
in the resolution passed under section 8 of this chapter.
(e) If the commission limits the time period during which a territory will be a district,
it does not limit the length of time a taxpayer is entitled to receive a deduction
under section 10 of this chapter.
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