CHAPTER 26. GLOBAL COMMERCE CENTER PILOT PROGRAM
IC 5-28-26
Chapter 26. Global Commerce Center Pilot Program
IC 5-28-26-1
"Base assessed value"
Sec. 1. As used in this chapter, "base assessed value" means:
(1) the net assessed value of all the taxable property located ina global commerce center as finally determined for theassessment date immediately preceding the effective date of theallocation provision of a resolution adopted under section 18 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.203-2005, SEC.2.
IC 5-28-26-2
"District"
Sec. 2. As used in this chapter, "district" means the EasternIndiana Economic Development District.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-3
"High technology activity"
Sec. 3. As used in this chapter, "high technology activity" has themeaning set forth in IC 36-7-32-7.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-4
"Hub"
Sec. 4. As used in this chapter, "hub" means a regional economicdevelopment project that is:
(1) selected by a district for development as a global commercecenter; and
(2) designated as a global commerce center under this chapter.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-5
"Income tax base period amount"
Sec. 5. As used in this chapter, "income tax base period amount"means the total amount of the following taxes paid by employeesemployed in the territory comprising a global commerce center withrespect to wages and salary earned for work in the global commercecenter for the state fiscal year that precedes the date on which theglobal commerce center was designated under section 12 of thischapter:
(1) The county adjusted gross income tax.
(2) The county option income tax. (3) The county economic development income tax.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-6
"Income tax incremental amount"
Sec. 6. As used in this chapter, "income tax incremental amount"means the remainder of:
(1) the total amount of county adjusted gross income tax,county option income taxes, and county economic developmentincome taxes paid by employees employed in the territorycomprising the global commerce center with respect to wagesand salary earned for work in the territory comprising the globalcommerce center for a particular state fiscal year; minus
(2) the income tax base period amount;
as determined by the department of state revenue.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-7
"Public facilities"
Sec. 7. As used in this chapter, "public facilities" includes a street,a road, a bridge, a storm water or sanitary sewer, a sewage treatmentfacility, a facility designed to reduce, eliminate, or prevent the spreadof identified soil or groundwater contamination, a drainage system,a retention basin, a pretreatment facility, a waterway, a waterline, awater storage facility, a rail line, an electric, gas, telephone or othercommunications line or any other type of utility line or pipeline, oranother similar or related structure or improvement, together withnecessary easements for the structure or improvement. Except for raillines, utility lines, or pipelines, the structures or improvementsdescribed in this section must be either owned or used by a publicagency, functionally connected to similar or supporting facilitiesowned or used by a public agency, or designed and dedicated for useby, for the benefit of, or for the protection of the health, welfare, orsafety of the public generally, whether or not used by a singlebusiness entity. Any road, street, or bridge must be continuouslyopen to public access. A public facility must be located on publicproperty or in a public, utility, or transportation easement orright-of-way.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-8
"Spoke"
Sec. 8. As used in this chapter, "spoke" means an economicdevelopment project that is:
(1) located within the area served by a district;
(2) undertaken to support the activities of a hub; and
(3) treated as a global commerce center under this chapter uponthe approval of the district board and fiscal body of the countyin which the project is located.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-9
"Tax increment revenues"
Sec. 9. As used in this chapter, "tax increment revenues" meansthe property taxes attributable to the assessed value of propertylocated in a global commerce center in excess of the base assessedvalue.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-10
"Unit"
Sec. 10. As used in this chapter, "unit" means a county, city, ortown.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-11
Powers of corporation
Sec. 11. The corporation may do the following:
(1) Designate a global commerce center pilot program undersection 12 of this chapter.
(2) Establish a procedure by which the global commerce centerpilot program may be monitored and evaluated on an annualbasis.
(3) Promote the global commerce center pilot program.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-12
Designation of global commerce center
Sec. 12. (a) If a district applies to the corporation to have part ofthe area served by the district designated as a global commercecenter, the corporation may approve the district's application if thecorporation determines that the district's proposed global commercecenter meets the following criteria:
(1) The proposed global commerce center is well suited for thedevelopment of a hub and its supporting spokes.
(2) The proposed global commerce center has the support of thesurrounding community.
(3) The proposed global commerce center is well suited for thedevelopment of at least one (1) of the following:
(A) A high technology activity.
(B) Advanced manufacturing.
(C) Transportation, distribution, and logistics.
(D) Agribusiness.
(b) The corporation may adopt rules under IC 4-22-2 specifyingapplication procedures.
(c) A global commerce center designated under this section mustinclude a hub. The boundaries of the global commerce center are notrequired to be contiguous. Only one (1) global commerce center pilotprogram may be designated under this section.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-13
Addition of spokes to global commerce center
Sec. 13. If a global commerce center is designated under section12 of this chapter, an unlimited number of spokes may be added tothe global commerce center at the discretion of the fiscal bodies ofthe counties served by the district and the district board.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-14
List of employers in global commerce center
Sec. 14. (a) After a global commerce center is designated undersection 12 of this chapter, the district shall send to the department ofstate revenue:
(1) a certified copy of the designation of the global commercecenter under section 12 of this chapter; and
(2) a complete list of the employers in the global commercecenter and the street names and the range of street numbers ofeach street in the global commerce center.
The district shall update the list provided under subdivision (2)before July 1 of each year.
(b) Not later than sixty (60) days after receiving a copy of thedesignation of the global commerce center, the department of staterevenue shall determine the gross retail base period amount and theincome tax base period amount.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-15
Deadline for calculation of income tax incremental amount
Sec. 15. 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 global commerce centerdesignated under this chapter.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-16
Establishment of incremental tax financing fund; deposits;distributions
Sec. 16. (a) The treasurer of state shall establish an incrementaltax financing fund for each global commerce center designated underthis chapter. The fund shall be administered by the treasurer of state.Money in the fund does not revert to the state general fund at the endof a state fiscal year.
(b) The total amount of the following taxes paid by employeesemployed in the global commerce center with respect to wagesearned for work in the global commerce center shall be deposited inthe incremental tax financing fund established for a global commercecenter until the amount deposited equals the income tax incrementalamount:
(1) The county adjusted gross income tax. (2) The county option income tax.
(3) The county economic development income tax.
(c) On or before the twentieth day of each month, all amountsheld in the incremental tax financing fund established for a globalcommerce center shall be distributed to the district that administersthe global commerce center for deposit in the regional economicdevelopment fund established under section 19 of this chapter.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-17
Allocation of tax increment revenues to district
Sec. 17. (a) A county fiscal body in which a hub or spoke islocated may allocate three percent (3%) of the tax incrementrevenues attributable to the hub or spoke to the district if the countyfiscal body adopts a resolution under subsection (b).
(b) The county fiscal body may adopt a resolution designating ahub or spoke as an allocation area for purposes of the allocation anddistribution of the amount of property taxes described in subsection(a).
(c) After adoption of the resolution under subsection (b), thecounty fiscal body 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 global commerce center is located:
(A) A copy of the notice required by subdivision (1).
(B) A statement disclosing the impact of the globalcommerce center, including the following:
(i) The estimated economic benefits and costs incurred bythe global commerce center, 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 global commercecenter and must state that written remonstrances may be filed withthe county fiscal body until the time designated for the hearing. Thenotice must also name the place, date, and time when the countyfiscal body will receive and hear remonstrances and objections frompersons interested in or affected by the proceedings pertaining to theproposed allocation area and will determine the public utility andbenefit of the proposed allocation area. The county fiscal body shallfile the information required by subdivision (2) with the officers ofthe taxing unit who are authorized to fix budgets, tax rates, and taxlevies under IC 6-1.1-17-5 at least ten (10) days before the date of thepublic hearing. All persons affected in any manner by the hearing,including all taxpayers within the county, shall be considerednotified of the pendency of the hearing and of subsequent acts,hearings, adjournments, and orders of the county fiscal body
affecting the allocation area if the county fiscal body gives the noticerequired by this section.
(d) At the hearing, which may be recessed and reconvenedperiodically, the county fiscal body shall hear all persons interestedin the proceedings and shall consider all written remonstrances andobjections that have been filed. After considering the evidencepresented, the county fiscal body shall take final action indetermining the public utility and benefit of the proposed allocationarea confirming, modifying and confirming, or rescinding theresolution. The final action taken by the county fiscal body shall berecorded and is final and conclusive.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-18
Bonding to provide public facilities in global commerce center
Sec. 18. (a) A unit may issue bonds for the purpose of providingpublic facilities under this chapter.
(b) The bonds are payable from any funds available to the unit.
(c) The bonds shall be authorized by a resolution of the unit.
(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:
(1) fifty (50) years, for bonds issued before July 1, 2008; or
(2) twenty-five (25) years, for bonds issued after June 30, 2008.
(f) The unit shall sell the bonds at public or private sale uponterms determined by the district.
(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 global commerce center, or the cost of refundingor refinancing outstanding bonds, for which the bonds are issued.The cost may include the cost of:
(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 forconstruction;
(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 district, but not to exceed 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.
(h) A unit that issues bonds under this section may enter aninterlocal agreement with any other unit located in the area served bythe district in which the global commerce center is designated. Aparty to an agreement under this section may pledge any of itsrevenues, including taxes or allocated taxes under IC 36-7-14, to thebonds or lease rental obligations of another party to the agreement.
As added by P.L.203-2005, SEC.2. Amended by P.L.146-2008,SEC.44.
IC 5-28-26-19
Establishment of regional economic development fund; permitteduses
Sec. 19. (a) The district shall establish a regional economicdevelopment fund.
(b) The fund consists of:
(1) revenues received under section 16 of this chapter;
(2) property taxes allocated to the district under section 17 ofthis chapter; and
(3) any other funds made available to the district for thepurposes of economic development within a global commercecenter.
(c) Money in the fund may be used to:
(1) provide rent subsidies to businesses locating in the globalcommerce center; and
(2) maintain, improve, and expand economic developmentprojects located in a global commerce center and thesurrounding communities.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-20
Expiration of global commerce center designation
Sec. 20. A global commerce center expires fifteen (15) years afterit is designated by the corporation.
As added by P.L.203-2005, SEC.2.
IC 5-28-26-21
Corporation discretion to revoke global commerce centerdesignation
Sec. 21. (a) The corporation may revoke the corporation'sdesignation of a global commerce center pilot program at thediscretion of the corporation.
(b) Notwithstanding a revocation made under subsection (a), adebt or an obligation incurred during the period in which the globalcommerce center pilot program was in effect remains valid andpayable.
As added by P.L.203-2005, SEC.2.