CHAPTER 32. CERTIFIED TECHNOLOGY PARKS
IC 36-7-32
Chapter 32. Certified Technology Parks
IC 36-7-32-1
Units authorized to establish certified technology parks
Sec. 1. This chapter applies to all units having a department ofredevelopment under IC 36-7-14 or a department of metropolitandevelopment as the redevelopment commission of a consolidated cityunder IC 36-7-15.1.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-2
Application of definitions in IC 36-7
Sec. 2. The definitions in IC 36-7-14 and IC 36-7-15.1 applythroughout this chapter.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-3
Application of definitions in IC 6-1.1
Sec. 3. As used in this chapter, the following terms have themeanings set forth in IC 6-1.1-1:
(1) Assessment date.
(2) Assessed value or assessed valuation.
(3) Taxing district.
(4) Taxing unit.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-4
"Based assessed value"
Sec. 4. As used in this chapter, "base assessed value" means:
(1) the net assessed value of all the taxable property located ina certified technology park as finally determined for theassessment date immediately preceding the effective date of theallocation provision of a resolution adopted under section 15 ofthis chapter; plus
(2) to the extent it is not included in subdivision (1), the netassessed value of property that is assessed as residentialproperty under the rules of the department of local governmentfinance, as finally determined for any assessment date after theeffective date of the allocation provision.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-5
"Business incubator"
Sec. 5. As used in this chapter, "business incubator" means realand personal property that:
(1) is located in a certified technology park;
(2) is subject to an agreement under section 12 of this chapter;and
(3) is developed for the primary purpose of attracting one (1) or
more owners or tenants who will engage in high technologyactivities.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-6
"Gross retail base period amount"
Sec. 6. As used in this chapter, "gross retail base period amount"means the aggregate amount of state gross retail and use taxesremitted under IC 6-2.5 by the businesses operating in the territorycomprising a certified technology park during the full state fiscalyear that precedes the date on which the certified technology parkwas designated under section 11 of this chapter.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-6.5
"Gross retail incremental amount"
Sec. 6.5. As used in this chapter, "gross retail incrementalamount" means the remainder of:
(1) the aggregate amount of state gross retail and use taxes thatare remitted under IC 6-2.5 by businesses operating in theterritory comprising a certified technology park during a statefiscal year; minus
(2) the gross retail base period amount;
as determined by the department of state revenue.
As added by P.L.199-2005, SEC.38.
IC 36-7-32-7
"High technology activity"
Sec. 7. As used in this chapter, "high technology activity" meansone (1) or more of the following:
(1) Advanced computing, which is any technology used in thedesign and development of any of the following:
(A) Computer hardware and software.
(B) Data communications.
(C) Information technologies.
(2) Advanced materials, which are materials with engineeredproperties created through the development of specializedprocess and synthesis technology.
(3) Biotechnology, which is any technology that uses livingorganisms, cells, macromolecules, microorganisms, orsubstances from living organisms to make or modify a product,improve plants or animals, or develop microorganisms foruseful purposes. Biotechnology does not include human cloningor stem cell research with embryonic tissue.
(4) Electronic device technology, which is any technology thatinvolves:
(A) microelectronics, semiconductors, or electronicequipment;
(B) instrumentation, radio frequency, microwave, andmillimeter electronics; (C) optical and optic electrical devices; or
(D) data and digital communications and imaging devices.
(5) Engineering or laboratory testing related to the developmentof a product.
(6) Technology that assists in the assessment or prevention ofthreats or damage to human health or the environment,including environmental cleanup technology, pollutionprevention technology, or development of alternative energysources.
(7) Medical device technology, which is any technology thatinvolves medical equipment or products other than apharmaceutical product that has therapeutic or diagnostic valueand is regulated.
(8) Product research and development.
(9) Advanced vehicles technology, which is any technology thatinvolves:
(A) electric vehicles, hybrid vehicles, or alternative fuelvehicles; or
(B) components used in the construction of electric vehicles,hybrid vehicles, or alternative fuel vehicles.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-8
"Income tax base period amount"
Sec. 8. As used in this chapter, "income tax base period amount"means the aggregate amount of the following taxes paid byemployees employed in the territory comprising a certifiedtechnology park with respect to wages and salary earned for work inthe certified technology park for the state fiscal year that precedesthe date on which the certified technology park was designated undersection 11 of this chapter:
(1) The adjusted gross income tax.
(2) The county adjusted gross income tax.
(3) The county option income tax.
(4) The county economic development income tax.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-8.5
"Income tax incremental amount"
Sec. 8.5. As used in this chapter, "income tax incrementalamount" means the remainder of:
(1) the total amount of state adjusted gross income taxes, countyadjusted gross income tax, county option income taxes, andcounty economic development income taxes paid by employeesemployed in the territory comprising the certified technologypark with respect to wages and salary earned for work in theterritory comprising the certified technology park for aparticular state fiscal year; minus
(2) the sum of the:
(A) income tax base period amount; and (B) tax credits awarded by the economic development for agrowing economy board under IC 6-3.1-13 to businessesoperating in a certified technology park as the result ofwages earned for work in the certified technology park forthe state fiscal year;
as determined by the department of state revenue.
As added by P.L.199-2005, SEC.39.
IC 36-7-32-9
"Public facilities"
Sec. 9. As used in this chapter, subject to the approval of theIndiana economic development corporation under an agreemententered into under section 12 of this chapter, "public facilities"includes the following:
(1) A street, road, bridge, storm water or sanitary sewer, sewagetreatment facility, facility designed to reduce, eliminate, orprevent the spread of identified soil or groundwatercontamination, drainage system, retention basin, pretreatmentfacility, waterway, waterline, water storage facility, rail line,electric, gas, telephone or other communications, or any othertype of utility line or pipeline, or other similar or relatedstructure or improvement, together with necessary easementsfor the structure or improvement. Except for rail lines, utilitylines, or pipelines, the structures or improvements described inthis subdivision must be either owned or used by a publicagency, functionally connected to similar or supportingfacilities owned or used by a public agency, or designed anddedicated to use by, for the benefit of, or for the protection ofthe health, welfare, or safety of the public generally, whether ornot used by a single business entity. Any road, street, or bridgemust be continuously open to public access. A public facilitymust be located on public property or in a public, utility, ortransportation easement or right-of-way.
(2) Land and other assets that are or may become eligible fordepreciation for federal income tax purposes for a businessincubator located in a certified technology park.
(3) Land and other assets that, if privately owned, would beeligible for depreciation for federal income tax purposes forlaboratory facilities, research and development facilities,conference facilities, teleconference facilities, testing facilities,training facilities, or quality control facilities:
(A) that are or that support property whose primary purposeand use is or will be for a high technology activity;
(B) that are owned by a public entity; and
(C) that are located within a certified technology park.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.4-2005,SEC.142.
IC 36-7-32-10
Application; designation of area as certified technology park;
expansion across county lines
Sec. 10. (a) A unit may apply to the Indiana economicdevelopment corporation for designation of all or part of the territorywithin the jurisdiction of the unit's redevelopment commission as acertified technology park and to enter into an agreement governingthe terms and conditions of the designation. The application must bein a form specified by the Indiana economic development corporationand must include information the corporation determines necessaryto make the determinations required under section 11 of this chapter.
(b) This subsection applies only to a unit in which a certifiedtechnology park designated before January 1, 2005, is located. A unitmay apply to the Indiana economic development corporation forpermission to expand the unit's certified technology park to includeterritory that is adjacent to the unit's certified technology park butlocated in another county. The corporation shall grant the unitpermission to expand the certified technology park if the unit and theredevelopment commission having jurisdiction over the adjacentterritory approve the proposed expansion in a resolution. A certifiedcopy of each resolution approving the proposed expansion must beattached to the application submitted under this subsection.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.4-2005,SEC.143; P.L.203-2005, SEC.12.
IC 36-7-32-11
Designation; Indiana economic development corporation; criteria
Sec. 11. (a) After receipt of an application under section 10 of thischapter, and subject to subsection (b), the Indiana economicdevelopment corporation may designate a certified technology parkif the corporation determines that the application demonstrates a firmcommitment from at least one (1) business engaged in a hightechnology activity creating a significant number of jobs and satisfiesone (1) or more of the following additional criteria:
(1) A demonstration of significant support from an institutionof higher education, a private research based institute, or amilitary research and development or testing facility on anactive United States government military base or other militaryinstallation located within, or in the vicinity of, the proposedcertified technology park, as evidenced by the followingcriteria:
(A) Grants of preferences for access to andcommercialization of intellectual property.
(B) Access to laboratory and other facilities owned by orunder the control of the postsecondary educationalinstitution or private research based institute.
(C) Donations of services.
(D) Access to telecommunications facilities and otherinfrastructure.
(E) Financial commitments.
(F) Access to faculty, staff, and students.
(G) Opportunities for adjunct faculty and other types of staff
arrangements or affiliations.
(H) Other criteria considered appropriate by the Indianaeconomic development corporation.
(2) A demonstration of a significant commitment by thepostsecondary educational institution, private research basedinstitute, or military research and development or testing facilityon an active United States government military base or othermilitary installation to the commercialization of researchproduced at the certified technology park, as evidenced by theintellectual property and, if applicable, tenure policies thatreward faculty and staff for commercialization andcollaboration with private businesses.
(3) A demonstration that the proposed certified technology parkwill be developed to take advantage of the uniquecharacteristics and specialties offered by the public and privateresources available in the area in which the proposed certifiedtechnology park will be located.
(4) The existence of or proposed development of a businessincubator within the proposed certified technology park thatexhibits the following types of resources and organization:
(A) Significant financial and other types of support from thepublic or private resources in the area in which the proposedcertified technology park will be located.
(B) A business plan exhibiting the economic utilization andavailability of resources and a likelihood of successfuldevelopment of technologies and research into viablebusiness enterprises.
(C) A commitment to the employment of a qualifiedfull-time manager to supervise the development andoperation of the business incubator.
(5) The existence of a business plan for the proposed certifiedtechnology park that identifies its objectives in a clearlyfocused and measurable fashion and that addresses thefollowing matters:
(A) A commitment to new business formation.
(B) The clustering of businesses, technology, and research.
(C) The opportunity for and costs of development ofproperties under common ownership or control.
(D) The availability of and method proposed fordevelopment of infrastructure and other improvements,including telecommunications technology, necessary for thedevelopment of the proposed certified technology park.
(E) Assumptions of costs and revenues related to thedevelopment of the proposed certified technology park.
(6) A demonstrable and satisfactory assurance that the proposedcertified technology park can be developed to principallycontain property that is primarily used for, or will be primarilyused for, a high technology activity or a business incubator.
(b) The Indiana economic development corporation may notapprove an application that would result in a substantial reduction or
cessation of operations in another location in Indiana in order torelocate them within the certified technology park.
(c) A certified technology park designated under this section issubject to the review of the Indiana economic developmentcorporation and must be recertified every four (4) years. Thecorporation shall develop procedures and the criteria to be used inthe review required by this subsection. A certified technology parkshall furnish to the corporation the following information to be usedin the course of the review:
(1) Total employment and payroll levels for all businessesoperating within the certified technology park.
(2) The nature and extent of any technology transfer activityoccurring within the certified technology park.
(3) The nature and extent of any nontechnology businessesoperating within the certified technology park.
(4) The use and outcomes of any state money made available tothe certified technology park.
(5) An analysis of the certified technology park's overallcontribution to the technology based economy in Indiana.
If a certified technology park is not recertified, the Indiana economicdevelopment corporation shall send a certified copy of a notice of thedetermination to the county auditor, the department of localgovernment finance, and the department of state revenue.
(d) To the extent allowed under IC 5-14-3, the corporation shallmaintain the confidentiality of any information that is:
(1) submitted as part of the review process under subsection (c);and
(2) marked as confidential;
by the certified technology park.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.81-2004,SEC.23; P.L.4-2005, SEC.144; P.L.2-2007, SEC.388; P.L.154-2007,SEC.1; P.L.3-2008, SEC.263; P.L.113-2010, SEC.138.
IC 36-7-32-12
Agreements; governing certified technology parks
Sec. 12. A redevelopment commission and the legislative body ofthe unit that established the redevelopment commission may enterinto an agreement with the Indiana economic developmentcorporation establishing the terms and conditions governing acertified technology park designated under section 11 of this chapter.Upon designation of the certified technology park under the terms ofthe agreement, the subsequent failure of any party to comply with theterms of the agreement may result in the termination or rescission ofthe designation of the area as a certified technology park. Theagreement must include the following provisions:
(1) A description of the area to be included within the certifiedtechnology park.
(2) Covenants and restrictions, if any, upon all or a part of theproperties contained within the certified technology park andterms of enforcement of any covenants or restrictions. (3) The financial commitments of any party to the agreementand of any owner or developer of property within the certifiedtechnology park.
(4) The terms of any commitment required from apostsecondary educational institution or private research basedinstitute for support of the operations and activities within thecertified technology park.
(5) The terms of enforcement of the agreement, which mayinclude the definition of events of default, cure periods, legaland equitable remedies and rights, and penalties and damages,actual or liquidated, upon the occurrence of an event of default.
(6) The public facilities to be developed for the certifiedtechnology park and the costs of those public facilities, asapproved by the Indiana economic development corporation.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.4-2005,SEC.145; P.L.2-2007, SEC.389; P.L.154-2007, SEC.2.
IC 36-7-32-13
Authority; sale price or rental value of public facilities belowmarket value
Sec. 13. (a) If the Indiana economic development corporationdetermines that a sale price or rental value at below market rate willassist in increasing employment or private investment in a certifiedtechnology park, the redevelopment commission and the legislativebody of the unit may determine the sale price or rental value forpublic facilities owned or developed by the redevelopmentcommission and the unit in the certified technology park at belowmarket rate.
(b) If public facilities developed under an agreement entered intounder this chapter are conveyed or leased at less than fair marketvalue or at below market rates, the terms of the conveyance or leaseshall include legal and equitable remedies and rights to assure thatthe public facilities are used for high technology activities or as abusiness incubator. Legal and equitable remedies and rights mayinclude penalties and actual or liquidated damages.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.4-2005,SEC.146.
IC 36-7-32-14
Marketing responsibilities; Indiana economic developmentcorporation
Sec. 14. The Indiana economic development corporation shallmarket the certified technology park. The corporation and aredevelopment commission may contract with each other or any thirdparty for these marketing services.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.4-2005,SEC.147.
IC 36-7-32-15
Designation as allocation area; remonstrance Sec. 15. (a) Subject to the approval of the legislative body of theunit that established the redevelopment commission, theredevelopment commission may adopt a resolution designating acertified technology park as an allocation area for purposes of theallocation and distribution of property taxes.
(b) After adoption of the resolution under subsection (a), theredevelopment commission shall:
(1) publish notice of the adoption and substance of theresolution in accordance with IC 5-3-1; and
(2) file the following information with each taxing unit that hasauthority to levy property taxes in the geographic area wherethe certified technology park is located:
(A) A copy of the notice required by subdivision (1).
(B) A statement disclosing the impact of the certifiedtechnology park, including the following:
(i) The estimated economic benefits and costs incurred bythe certified technology park, as measured by increasedemployment and anticipated growth of real propertyassessed values.
(ii) The anticipated impact on tax revenues of each taxingunit.
The notice must state the general boundaries of the certifiedtechnology park and must state that written remonstrances may befiled with the redevelopment commission until the time designatedfor the hearing. The notice must also name the place, date, and timewhen the redevelopment commission will receive and hearremonstrances and objections from persons interested in or affectedby the proceedings pertaining to the proposed allocation area andwill determine the public utility and benefit of the proposedallocation area. The commission shall file the information requiredby subdivision (2) with the officers of the taxing unit who areauthorized to fix budgets, tax rates, and tax levies underIC 6-1.1-17-5 at least ten (10) days before the date of the publichearing. All persons affected in any manner by the hearing, includingall taxpayers within the taxing district of the redevelopmentcommission, shall be considered notified of the pendency of thehearing and of subsequent acts, hearings, adjournments, and ordersof the redevelopment commission affecting the allocation area if theredevelopment commission gives the notice required by this section.
(c) At the hearing, which may be recessed and reconvenedperiodically, the redevelopment commission shall hear all personsinterested in the proceedings and shall consider all writtenremonstrances and objections that have been filed. After consideringthe evidence presented, the redevelopment commission shall takefinal action determining the public utility and benefit of the proposedallocation area confirming, modifying and confirming, or rescindingthe resolution. The final action taken by the redevelopmentcommission shall be recorded and is final and conclusive, except thatan appeal may be taken in the manner prescribed by section 16 ofthis chapter.As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-16
Appeals; remonstrance
Sec. 16. (a) A person who files a written remonstrance with theredevelopment commission under section 15 of this chapter and whois aggrieved by the final action taken may, within ten (10) days afterthat final action, file with the office of the clerk of the circuit orsuperior court of the county a copy of the redevelopmentcommission's resolution and the person's remonstrance against theresolution, together with the person's bond as provided byIC 34-13-5-7.
(b) An appeal under this section shall be promptly heard by thecourt without a jury. All remonstrances upon which an appeal hasbeen taken shall be consolidated and heard and determined withinthirty (30) days after the time of filing of the appeal. The court shalldecide the appeal based on the record and evidence before theredevelopment commission, not by trial de novo, and may confirmthe final action of the redevelopment commission or sustain theremonstrances. The judgment of the court is final and conclusive,unless an appeal is taken as in other civil actions.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-17
Allocation and distribution of property taxes
Sec. 17. (a) An allocation provision adopted under section 15 ofthis chapter must:
(1) apply to the entire certified technology park; and
(2) require that any property tax on taxable propertysubsequently levied by or for the benefit of any public bodyentitled to a distribution of property taxes in the certifiedtechnology park be allocated and distributed as provided insubsections (b) and (c).
(b) Except as otherwise provided in this section, the proceeds ofthe taxes attributable to the lesser of:
(1) the assessed value of the taxable property for the assessmentdate with respect to which the allocation and distribution ismade; or
(2) the base assessed value;
shall be allocated and, when collected, paid into the funds of therespective taxing units.
(c) Except as provided in subsection (d), all the property taxproceeds that exceed those described in subsection (b) shall beallocated to the redevelopment commission for the certifiedtechnology park and, when collected, paid into the certifiedtechnology park fund established under section 23 of this chapter.
(d) Before July 15 of each year, the redevelopment commissionshall do the following:
(1) Determine the amount, if any, by which the property taxproceeds to be deposited in the certified technology park fund
will exceed the amount necessary for the purposes described insection 23 of this chapter.
(2) Provide a written notice to the county auditor, the fiscalbody of the county or municipality that established theredevelopment commission, and the officers who are authorizedto fix budgets, tax rates, and tax levies under IC 6-1.1-17-5 foreach of the other taxing units that is wholly or partly locatedwithin the allocation area. The notice must:
(A) state the amount, if any, of excess tax proceeds that theredevelopment commission has determined may be allocatedto the respective taxing units in the manner prescribed insubsection (c); or
(B) state that the commission has determined that there is noexcess assessed value that may be allocated to the respectivetaxing units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing unitsthe amount, if any, of excess assessed value determined by thecommission. The redevelopment commission may not authorizean allocation of property tax proceeds under this subdivision ifto do so would endanger the interests of the holders of bondsdescribed in section 24 of this chapter.
(e) Notwithstanding any other law, each assessor shall, uponpetition of the redevelopment commission, reassess the taxableproperty situated upon or in, or added to, the certified technologypark effective on the next assessment date after the petition.
(f) Notwithstanding any other law, the assessed value of alltaxable property in the certified technology park, for purposes of taxlimitation, property tax replacement, and formulation of the budget,tax rate, and tax levy for each political subdivision in which theproperty is located is the lesser of:
(1) the assessed value of the taxable property as valued withoutregard to this section; or
(2) the base assessed value.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.146-2008,SEC.774.
IC 36-7-32-18
Repealed
(Repealed by P.L.146-2008, SEC.813.)
IC 36-7-32-19
Rules and forms; adjustment of base assessed value
Sec. 19. (a) The state board of accounts and department of localgovernment finance shall make the rules and prescribe the forms andprocedures that the state board of accounts and department of localgovernment finance consider appropriate for the implementation ofan allocation area under this chapter.
(b) After each general reassessment under IC 6-1.1-4, thedepartment of local government finance shall adjust the baseassessed value one (1) time to neutralize any effect of the general
reassessment on the property tax proceeds allocated to the certifiedtechnology park fund under section 17 of this chapter. After eachannual adjustment under IC 6-1.1-4-4.5, the department of localgovernment finance shall adjust the base assessed value to neutralizeany effect of the annual adjustment on the property tax proceedsallocated to the certified technology park fund under section 17 ofthis chapter.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.154-2006,SEC.81.
IC 36-7-32-20
Notification to department of state revenue; computation of grossretail base revenue
Sec. 20. (a) After entering into an agreement under section 12 ofthis chapter, the redevelopment commission shall send to thedepartment of state revenue:
(1) a certified copy of the designation of the certifiedtechnology park under section 11 of this chapter;
(2) a certified copy of the agreement entered into under section12 of this chapter; and
(3) a complete list of the employers in the certified technologypark and the street names and the range of street numbers ofeach street in the certified technology park.
The redevelopment commission shall update the list provided undersubdivision (3) before July 1 of each year.
(b) Not later than sixty (60) days after receiving a copy of thedesignation of the certified technology park, the department of staterevenue shall determine the gross retail base period amount and theincome tax base period amount.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-21
Annual computation; income tax incremental amount; gross retailincremental amount
Sec. 21. Before the first business day in October of each year, thedepartment of state revenue shall calculate the income taxincremental amount and the gross retail incremental amount for thepreceding state fiscal year for each certified technology parkdesignated under this chapter.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-22
Incremental tax financing fund; deposits; distributions
Sec. 22. (a) The treasurer of state shall establish an incrementaltax financing fund for each certified technology park designatedunder this chapter. The fund shall be administered by the treasurer ofstate. Money in the fund does not revert to the state general fund atthe end of a state fiscal year.
(b) Subject to subsection (c), the following amounts shall bedeposited during each state fiscal year in the incremental tax
financing fund established for a certified technology park undersubsection (a):
(1) The aggregate amount of state gross retail and use taxes thatare remitted under IC 6-2.5 by businesses operating in thecertified technology park, until the amount of state gross retailand use taxes deposited equals the gross retail incrementalamount for the certified technology park.
(2) The aggregate amount of the following taxes paid byemployees employed in the certified technology park withrespect to wages earned for work in the certified technologypark, until the amount deposited equals the income taxincremental amount:
(A) The adjusted gross income tax.
(B) The county adjusted gross income tax.
(C) The county option income tax.
(D) The county economic development income tax.
(c) Not more than a total of five million dollars ($5,000,000) maybe deposited in a particular incremental tax financing fund for acertified technology park over the life of the certified technologypark.
(d) On or before the twentieth day of each month, all amountsheld in the incremental tax financing fund established for a certifiedtechnology park shall be distributed to the redevelopmentcommission for deposit in the certified technology park fundestablished under section 23 of this chapter.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-23
Certified technology park fund; deposit of funds; uses
Sec. 23. (a) Each redevelopment commission that establishes acertified technology park under this chapter shall establish a certifiedtechnology park fund to receive:
(1) property tax proceeds allocated under section 17 of thischapter; and
(2) money distributed to the redevelopment commission undersection 22 of this chapter.
(b) Money deposited in the certified technology park fund may beused by the redevelopment commission only for one (1) or more ofthe following purposes:
(1) Acquisition, improvement, preparation, demolition,disposal, construction, reconstruction, remediation,rehabilitation, restoration, preservation, maintenance, repair,furnishing, and equipping of public facilities.
(2) Operation of public facilities described in section 9(2) ofthis chapter.
(3) Payment of the principal of and interest on any obligationsthat are payable solely or in part from money deposited in thefund and that are incurred by the redevelopment commission forthe purpose of financing or refinancing the development ofpublic facilities in the certified technology park. (4) Establishment, augmentation, or restoration of the debtservice reserve for obligations described in subdivision (3).
(5) Payment of the principal of and interest on bonds issued bythe unit to pay for public facilities in or serving the certifiedtechnology park.
(6) Payment of premiums on the redemption before maturity ofbonds described in subdivision (3).
(7) Payment of amounts due under leases payable from moneydeposited in the fund.
(8) Reimbursement to the unit for expenditures made by it forpublic facilities in or serving the certified technology park.
(9) Payment of expenses incurred by the redevelopmentcommission for public facilities that are in the certifiedtechnology park or serving the certified technology park.
(10) For any purpose authorized by an agreement betweenredevelopment commissions entered into under section 26 ofthis chapter.
(c) The certified technology park fund may not be used foroperating expenses of the redevelopment commission.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.203-2005,SEC.13; P.L.1-2006, SEC.571.
IC 36-7-32-24
Bonds
Sec. 24. (a) A redevelopment commission may issue bonds for thepurpose of providing public facilities under this chapter.
(b) The bonds are payable solely from:
(1) property tax proceeds allocated to the certified technologypark fund under section 17 of this chapter;
(2) money distributed to the redevelopment commission undersection 22 of this chapter;
(3) other funds available to the redevelopment commission; or
(4) a combination of the methods in subdivisions (1) through(3).
(c) The bonds shall be authorized by a resolution of theredevelopment commission.
(d) The terms and form of the bonds shall be set out either in theresolution or in a form of trust indenture approved by the resolution.
(e) The bonds must mature within fifty (50) years.
(f) The redevelopment commission shall sell the bonds at publicor private sale upon such terms as determined by the redevelopmentcommission.
(g) All money received from any bonds issued under this chaptershall be applied solely to the payment of the cost of providing publicfacilities within a certified technology park, or the cost of refundingor refinancing outstanding bonds, for which the bonds are issued.The cost may include:
(1) planning and development of the public facilities and allrelated buildings, facilities, structures, and improvements;
(2) acquisition of a site and clearing and preparing the site for
construction;
(3) equipment, facilities, structures, and improvements that arenecessary or desirable to make the public facilities suitable foruse and operation;
(4) architectural, engineering, consultant, and attorney's fees;
(5) incidental expenses in connection with the issuance and saleof bonds;
(6) reserves for principal and interest;
(7) interest during construction and for a period thereafterdetermined by the redevelopment commission, but not toexceed five (5) years;
(8) financial advisory fees;
(9) insurance during construction;
(10) municipal bond insurance, debt service reserve insurance,letters of credit, or other credit enhancement; and
(11) in the case of refunding or refinancing, payment of theprincipal of, redemption premiums, if any, for, and interest on,the bonds being refunded or refinanced.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-25
Declaration; public purpose
Sec. 25. The establishment of high technology activities andpublic facilities within a technology park serves a public purpose andis of benefit to the general welfare of a unit by encouraginginvestment, job creation and retention, and economic growth anddiversity.
As added by P.L.192-2002(ss), SEC.187.
IC 36-7-32-26
Written agreement for joint economic development projects
Sec. 26. (a) Two (2) or more redevelopment commissions mayenter into a written agreement under this section to jointly undertakeeconomic development projects in the certified technology parksestablished by the redevelopment commissions that are parties to theagreement.
(b) A party to an agreement under this section may do one (1) ormore of the following:
(1) Except as provided in subsection (c), grant one (1) or moreof its powers to another party to the agreement.
(2) Exercise any power granted to it by a party to the agreement.
(3) Pledge any of its revenues, including taxes or allocated taxesunder section 17 of this chapter, to the bonds or lease rentalobligations of another party to the agreement under IC 5-1-14-4.
(c) A redevelopment commission may not grant to anotherredevelopment commission the power to tax or to establish anallocation area under this chapter.
(d) An action to challenge the validity of an agreement under thissection must be brought not more than thirty (30) days after theagreement has been approved by all the parties to the agreement.
After that period has passed, the agreement is not contestable for anycause.
As added by P.L.203-2005, SEC.14.
IC 36-7-32-27
Terms of written agreement for joint economic developmentproject
Sec. 27. An agreement described in section 26 of this chaptermust provide for the following:
(1) The duration of the agreement.
(2) The purpose of the agreement.
(3) The manner of financing, staffing, and supplying the jointundertaking and of establishing and maintaining a budget forthe joint undertaking.
(4) The methods that may be employed in accomplishing thepartial or complete termination of the agreement and fordisposing of property upon partial or complete termination ofthe agreement.
(5) The manner of acquiring, holding, and disposing of real andpersonal property used in the joint undertaking.
(6) Any other appropriate matters.
As added by P.L.203-2005, SEC.15.