Indiana Code Title 6. Taxation § 6-2.5-5-7

(1) the person acquiring the property is in the construction business;

(2) the person acquiring the property acquires it for incorporation as a material or integral part of a public street or of a public water, sewage, or other utility service;

(3) the public street or public utility service into which the property is to be incorporated is required under a subdivision plat, approved and accepted by the appropriate Indiana political subdivision;  and

(4) the public street or public utility is to be publicly maintained after its completion.