CHAPTER 10. TECHNOLOGY DEVELOPMENT GRANT FUND
IC 5-28-10
Chapter 10. Technology Development Grant Fund
IC 5-28-10-1
"Fund"
Sec. 1. As used in this chapter, "fund" refers to the technologydevelopment grant fund established by section 7 of this chapter.
As added by P.L.4-2005, SEC.34.
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"Political subdivision"
Sec. 2. As used in this chapter, "political subdivision" has themeaning set forth in IC 36-1-2-13.
As added by P.L.4-2005, SEC.34.
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"Redevelopment commission"
Sec. 3. As used in this chapter, "redevelopment commission"refers to a redevelopment commission established underIC 36-7-14-3 or a commission (as defined in IC 36-7-15.1-3) thatestablishes a technology park.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-4
"Targeted employment"
Sec. 4. As used in this chapter, "targeted employment" meansemployment in any of the following business activities:
(1) Advanced manufacturing, including the following:
(A) Automotive and electronics.
(B) Aerospace technology.
(C) Robotics.
(D) Engineering design technology.
(2) Life sciences, including the following:
(A) Orthopedics or medical devices.
(B) Biomedical research or development.
(C) Pharmaceutical manufacturing.
(D) Agribusiness.
(E) Nanotechnology or molecular manufacturing.
(3) Information technology, including the following:
(A) Informatics.
(B) Certified network administration.
(C) Software development.
(D) Fiber optics.
(4) Twenty-first century logistics, including the following:
(A) High technology distribution.
(B) Efficient and effective flow and storage of goods,services, or information.
(C) Intermodal ports.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-5
"Technology park"
Sec. 5. As used in this chapter, "technology park" refers to acertified technology park established under IC 36-7-32.
As added by P.L.4-2005, SEC.34.
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"Technology product"
Sec. 6. As used in this chapter, "technology product" means aproduct that involves high technology activity or otherwise involvestargeted employment.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-7
Establishment and purpose of fund
Sec. 7. The technology development grant fund is establishedwithin the state treasury to provide the necessary money for grantsto redevelopment commissions under this chapter and theadministration of this program.
As added by P.L.4-2005, SEC.34.
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Appropriations from general assembly
Sec. 8. The fund consists of appropriations from the generalassembly.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-9
Administration of fund
Sec. 9. The corporation shall administer the fund. The followingmay be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry outthe purposes of this chapter.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-10
Investment of money in fund
Sec. 10. The treasurer of state shall invest the money in the fundnot currently needed to meet the obligations of the fund in the samemanner as other public funds are invested. Interest that accrues fromthese investments shall be deposited in the state general fund.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-11
Nonreversion
Sec. 11. Money in the fund at the end of a state fiscal year doesnot revert to the state general fund.
As added by P.L.4-2005, SEC.34.
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Establishment of grant application procedure
Sec. 12. The corporation shall establish a grant applicationprocedure for redevelopment commissions.
As added by P.L.4-2005, SEC.34.
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Qualification for grant
Sec. 13. To qualify for a grant under this chapter, a redevelopmentcommission must:
(1) submit an application in the form prescribed by thecorporation;
(2) demonstrate that:
(A) the redevelopment commission has established atechnology park; and
(B) the grant being applied for under this chapter will assistthe redevelopment commission in accomplishing the goalsof the technology park under IC 36-7-32; and
(3) provide other information required by the corporation.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-14
Provision of grants
Sec. 14. The corporation shall provide grants on a competitivebasis from the fund to businesses that apply for a grant under thischapter. The corporation may select and fund part or all of anapplication request that:
(1) is submitted during an application period; or
(2) was submitted in a prior application period but not fullyfunded in that application period.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-15
"Operating expenditures"; amount and use of grants
Sec. 15. (a) For purposes of this section, "operating expenditures"includes the following:
(1) Business plans.
(2) Marketing studies.
(3) Mentor identification.
(4) Securitization of capital.
(5) Legal services.
(6) Other necessary services.
(b) The total of all grants provided under this chapter for atechnology park may not exceed the following:
(1) Two million dollars ($2,000,000) for the leasing,construction, or purchase of capital assets.
(2) Two million dollars ($2,000,000) for operatingexpenditures, and, subject to subsection (d), with not more thanfive hundred thousand dollars ($500,000) being distributed inany one (1) fiscal year. (c) This subsection applies to a grant provided under subsection(b)(1) for the leasing of a capital asset. The grant may be appliedonly to lease payments made during:
(1) the fiscal year; or
(2) each of the three (3) fiscal years immediately following thefiscal year;
in which the grant is provided.
(d) The annual distribution of a grant under subsection (b)(2) maynot exceed the following:
(1) Eighty percent (80%) of total operating expenditures in thefiscal year in which the grant is provided.
(2) Sixty percent (60%) of total operating expenditures in thefiscal year after the fiscal year in which the grant is provided.
(3) Forty percent (40%) of total operating expenditures in thesecond fiscal year after the fiscal year in which the grant isprovided.
(4) Twenty percent (20%) of total operating expenditures in thethird fiscal year after the fiscal year in which the grant isprovided.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-16
Matching amounts for capital expenditure grants
Sec. 16. A capital expenditure grant under this chapter shallrequire that the lesser of:
(1) two million dollars ($2,000,000); or
(2) fifty percent (50%) of the total capital costs;
of the project being funded by the grant be matched from othersources.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-17
Grants to political subdivisions
Sec. 17. The corporation may, under rules established by thedepartment of local government finance and the proceduresestablished by the corporation, award grants from the fund to one (1)or more political subdivisions to reimburse the political subdivisionsfor ad valorem property taxes allocated to an allocation area as aresult of a resolution adopted under IC 36-7-32-15.
As added by P.L.4-2005, SEC.34.