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 of
redevelopment under IC 36-7-14 or a department of metropolitan
development as the redevelopment commission of a consolidated city
under 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 apply
throughout 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 the
meanings 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 in
a certified technology park as finally determined for the
assessment date immediately preceding the effective date of the
allocation provision of a resolution adopted under section 15 of
this chapter; plus
(2) to the extent it is not included in subdivision (1), the net
assessed value of property that is assessed as residential
property under the rules of the department of local government
finance, as finally determined for any assessment date after the
effective 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 real
and 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 technology
activities.
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 taxes
remitted under IC 6-2.5 by the businesses operating in the territory
comprising a certified technology park during the full state fiscal
year that precedes the date on which the certified technology park
was 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 incremental
amount" means the remainder of:
(1) the aggregate amount of state gross retail and use taxes that
are remitted under IC 6-2.5 by businesses operating in the
territory comprising a certified technology park during a state
fiscal 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" means
one (1) or more of the following:
(1) Advanced computing, which is any technology used in the
design 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 engineered
properties created through the development of specialized
process and synthesis technology.
(3) Biotechnology, which is any technology that uses living
organisms, cells, macromolecules, microorganisms, or
substances from living organisms to make or modify a product,
improve plants or animals, or develop microorganisms for
useful purposes. Biotechnology does not include human cloning
or stem cell research with embryonic tissue.
(4) Electronic device technology, which is any technology that
involves:
(A) microelectronics, semiconductors, or electronic
equipment;
(B) instrumentation, radio frequency, microwave, and
millimeter electronics;
(C) optical and optic electrical devices; or
(D) data and digital communications and imaging devices.
(5) Engineering or laboratory testing related to the development
of a product.
(6) Technology that assists in the assessment or prevention of
threats or damage to human health or the environment,
including environmental cleanup technology, pollution
prevention technology, or development of alternative energy
sources.
(7) Medical device technology, which is any technology that
involves medical equipment or products other than a
pharmaceutical product that has therapeutic or diagnostic value
and is regulated.
(8) Product research and development.
(9) Advanced vehicles technology, which is any technology that
involves:
(A) electric vehicles, hybrid vehicles, or alternative fuel
vehicles; 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 by
employees employed in the territory comprising a certified
technology park with respect to wages and salary earned for work in
the certified technology park for the state fiscal year that precedes
the date on which the certified technology park was designated under
section 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 incremental
amount" means the remainder of:
(1) the total amount of state adjusted gross income taxes, county
adjusted gross income tax, county option income taxes, and
county economic development income taxes paid by employees
employed in the territory comprising the certified technology
park with respect to wages and salary earned for work in the
territory comprising the certified technology park for a
particular 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 a
growing economy board under IC 6-3.1-13 to businesses
operating in a certified technology park as the result of
wages earned for work in the certified technology park for
the 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 the
Indiana economic development corporation under an agreement
entered into under section 12 of this chapter, "public facilities"
includes the following:
(1) A street, road, bridge, storm water or sanitary sewer, sewage
treatment facility, facility designed to reduce, eliminate, or
prevent the spread of identified soil or groundwater
contamination, drainage system, retention basin, pretreatment
facility, waterway, waterline, water storage facility, rail line,
electric, gas, telephone or other communications, or any other
type of utility line or pipeline, or other similar or related
structure or improvement, together with necessary easements
for the structure or improvement. Except for rail lines, utility
lines, or pipelines, the structures or improvements described in
this subdivision must be either owned or used by a public
agency, functionally connected to similar or supporting
facilities owned or used by a public agency, or designed and
dedicated to use by, for the benefit of, or for the protection of
the health, welfare, or safety of the public generally, whether or
not used by a single business entity. Any road, street, or bridge
must be continuously open to public access. A public facility
must be located on public property or in a public, utility, or
transportation easement or right-of-way.
(2) Land and other assets that are or may become eligible for
depreciation for federal income tax purposes for a business
incubator located in a certified technology park.
(3) Land and other assets that, if privately owned, would be
eligible for depreciation for federal income tax purposes for
laboratory 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 purpose
and 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 economic
development corporation for designation of all or part of the territory
within the jurisdiction of the unit's redevelopment commission as a
certified technology park and to enter into an agreement governing
the terms and conditions of the designation. The application must be
in a form specified by the Indiana economic development corporation
and must include information the corporation determines necessary
to make the determinations required under section 11 of this chapter.
(b) This subsection applies only to a unit in which a certified
technology park designated before January 1, 2005, is located. A unit
may apply to the Indiana economic development corporation for
permission to expand the unit's certified technology park to include
territory that is adjacent to the unit's certified technology park but
located in another county. The corporation shall grant the unit
permission to expand the certified technology park if the unit and the
redevelopment commission having jurisdiction over the adjacent
territory approve the proposed expansion in a resolution. A certified
copy of each resolution approving the proposed expansion must be
attached 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 this
chapter, and subject to subsection (b), the Indiana economic
development corporation may designate a certified technology park
if the corporation determines that the application demonstrates a firm
commitment from at least one (1) business engaged in a high
technology activity creating a significant number of jobs and satisfies
one (1) or more of the following additional criteria:
(1) A demonstration of significant support from an institution
of higher education, a private research based institute, or a
military research and development or testing facility on an
active United States government military base or other military
installation located within, or in the vicinity of, the proposed
certified technology park, as evidenced by the following
criteria:
(A) Grants of preferences for access to and
commercialization of intellectual property.
(B) Access to laboratory and other facilities owned by or
under the control of the postsecondary educational
institution or private research based institute.
(C) Donations of services.
(D) Access to telecommunications facilities and other
infrastructure.
(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 Indiana
economic development corporation.
(2) A demonstration of a significant commitment by the
postsecondary educational institution, private research based
institute, or military research and development or testing facility
on an active United States government military base or other
military installation to the commercialization of research
produced at the certified technology park, as evidenced by the
intellectual property and, if applicable, tenure policies that
reward faculty and staff for commercialization and
collaboration with private businesses.
(3) A demonstration that the proposed certified technology park
will be developed to take advantage of the unique
characteristics and specialties offered by the public and private
resources available in the area in which the proposed certified
technology park will be located.
(4) The existence of or proposed development of a business
incubator within the proposed certified technology park that
exhibits the following types of resources and organization:
(A) Significant financial and other types of support from the
public or private resources in the area in which the proposed
certified technology park will be located.
(B) A business plan exhibiting the economic utilization and
availability of resources and a likelihood of successful
development of technologies and research into viable
business enterprises.
(C) A commitment to the employment of a qualified
full-time manager to supervise the development and
operation of the business incubator.
(5) The existence of a business plan for the proposed certified
technology park that identifies its objectives in a clearly
focused and measurable fashion and that addresses the
following matters:
(A) A commitment to new business formation.
(B) The clustering of businesses, technology, and research.
(C) The opportunity for and costs of development of
properties under common ownership or control.
(D) The availability of and method proposed for
development of infrastructure and other improvements,
including telecommunications technology, necessary for the
development of the proposed certified technology park.
(E) Assumptions of costs and revenues related to the
development of the proposed certified technology park.
(6) A demonstrable and satisfactory assurance that the proposed
certified technology park can be developed to principally
contain property that is primarily used for, or will be primarily
used for, a high technology activity or a business incubator.
(b) The Indiana economic development corporation may not
approve an application that would result in a substantial reduction or
cessation of operations in another location in Indiana in order to
relocate them within the certified technology park.
(c) A certified technology park designated under this section is
subject to the review of the Indiana economic development
corporation and must be recertified every four (4) years. The
corporation shall develop procedures and the criteria to be used in
the review required by this subsection. A certified technology park
shall furnish to the corporation the following information to be used
in the course of the review:
(1) Total employment and payroll levels for all businesses
operating within the certified technology park.
(2) The nature and extent of any technology transfer activity
occurring within the certified technology park.
(3) The nature and extent of any nontechnology businesses
operating within the certified technology park.
(4) The use and outcomes of any state money made available to
the certified technology park.
(5) An analysis of the certified technology park's overall
contribution to the technology based economy in Indiana.
If a certified technology park is not recertified, the Indiana economic
development corporation shall send a certified copy of a notice of the
determination to the county auditor, the department of local
government finance, and the department of state revenue.
(d) To the extent allowed under IC 5-14-3, the corporation shall
maintain 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 of
the unit that established the redevelopment commission may enter
into an agreement with the Indiana economic development
corporation establishing the terms and conditions governing a
certified technology park designated under section 11 of this chapter.
Upon designation of the certified technology park under the terms of
the agreement, the subsequent failure of any party to comply with the
terms of the agreement may result in the termination or rescission of
the designation of the area as a certified technology park. The
agreement must include the following provisions:
(1) A description of the area to be included within the certified
technology park.
(2) Covenants and restrictions, if any, upon all or a part of the
properties contained within the certified technology park and
terms of enforcement of any covenants or restrictions.
(3) The financial commitments of any party to the agreement
and of any owner or developer of property within the certified
technology park.
(4) The terms of any commitment required from a
postsecondary educational institution or private research based
institute for support of the operations and activities within the
certified technology park.
(5) The terms of enforcement of the agreement, which may
include the definition of events of default, cure periods, legal
and 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 certified
technology park and the costs of those public facilities, as
approved 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 below
market value
Sec. 13. (a) If the Indiana economic development corporation
determines that a sale price or rental value at below market rate will
assist in increasing employment or private investment in a certified
technology park, the redevelopment commission and the legislative
body of the unit may determine the sale price or rental value for
public facilities owned or developed by the redevelopment
commission and the unit in the certified technology park at below
market rate.
(b) If public facilities developed under an agreement entered into
under this chapter are conveyed or leased at less than fair market
value or at below market rates, the terms of the conveyance or lease
shall include legal and equitable remedies and rights to assure that
the public facilities are used for high technology activities or as a
business incubator. Legal and equitable remedies and rights may
include 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 development
corporation
Sec. 14. The Indiana economic development corporation shall
market the certified technology park. The corporation and a
redevelopment commission may contract with each other or any third
party 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 the
unit that established the redevelopment commission, the
redevelopment commission may adopt a resolution designating a
certified technology park as an allocation area for purposes of the
allocation and distribution of property taxes.
(b) After adoption of the resolution under subsection (a), the
redevelopment commission shall:
(1) publish notice of the adoption and substance of the
resolution in accordance with IC 5-3-1; and
(2) file the following information with each taxing unit that has
authority to levy property taxes in the geographic area where
the certified technology park is located:
(A) A copy of the notice required by subdivision (1).
(B) A statement disclosing the impact of the certified
technology park, including the following:
(i) The estimated economic benefits and costs incurred by
the certified technology park, as measured by increased
employment and anticipated growth of real property
assessed values.
(ii) The anticipated impact on tax revenues of each taxing
unit.
The notice must state the general boundaries of the certified
technology park and must state that written remonstrances may be
filed with the redevelopment commission until the time designated
for the hearing. The notice must also name the place, date, and time
when the redevelopment commission will receive and hear
remonstrances and objections from persons interested in or affected
by the proceedings pertaining to the proposed allocation area and
will determine the public utility and benefit of the proposed
allocation area. The commission shall file the information required
by subdivision (2) with the officers of the taxing unit who are
authorized to fix budgets, tax rates, and tax levies under
IC 6-1.1-17-5 at least ten (10) days before the date of the public
hearing. All persons affected in any manner by the hearing, including
all taxpayers within the taxing district of the redevelopment
commission, shall be considered notified of the pendency of the
hearing and of subsequent acts, hearings, adjournments, and orders
of the redevelopment commission affecting the allocation area if the
redevelopment commission gives the notice required by this section.
(c) At the hearing, which may be recessed and reconvened
periodically, the redevelopment commission shall hear all persons
interested in the proceedings and shall consider all written
remonstrances and objections that have been filed. After considering
the evidence presented, the redevelopment commission shall take
final action determining the public utility and benefit of the proposed
allocation area confirming, modifying and confirming, or rescinding
the resolution. The final action taken by the redevelopment
commission shall be recorded and is final and conclusive, except that
an appeal may be taken in the manner prescribed by section 16 of
this 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 the
redevelopment commission under section 15 of this chapter and who
is aggrieved by the final action taken may, within ten (10) days after
that final action, file with the office of the clerk of the circuit or
superior court of the county a copy of the redevelopment
commission's resolution and the person's remonstrance against the
resolution, together with the person's bond as provided by
IC 34-13-5-7.
(b) An appeal under this section shall be promptly heard by the
court without a jury. All remonstrances upon which an appeal has
been taken shall be consolidated and heard and determined within
thirty (30) days after the time of filing of the appeal. The court shall
decide the appeal based on the record and evidence before the
redevelopment commission, not by trial de novo, and may confirm
the final action of the redevelopment commission or sustain the
remonstrances. 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 of
this chapter must:
(1) apply to the entire certified technology park; and
(2) require that any property tax on taxable property
subsequently levied by or for the benefit of any public body
entitled to a distribution of property taxes in the certified
technology park be allocated and distributed as provided in
subsections (b) and (c).
(b) Except as otherwise provided in this section, the proceeds of
the taxes attributable to the lesser of:
(1) the assessed value of the taxable property for the assessment
date with respect to which the allocation and distribution is
made; or
(2) the base assessed value;
shall be allocated and, when collected, paid into the funds of the
respective taxing units.
(c) Except as provided in subsection (d), all the property tax
proceeds that exceed those described in subsection (b) shall be
allocated to the redevelopment commission for the certified
technology park and, when collected, paid into the certified
technology park fund established under section 23 of this chapter.
(d) Before July 15 of each year, the redevelopment commission
shall do the following:
(1) Determine the amount, if any, by which the property tax
proceeds to be deposited in the certified technology park fund
will exceed the amount necessary for the purposes described in
section 23 of this chapter.
(2) Provide a written notice to the county auditor, the fiscal
body of the county or municipality that established the
redevelopment commission, and the officers who are authorized
to fix budgets, tax rates, and tax levies under IC 6-1.1-17-5 for
each of the other taxing units that is wholly or partly located
within the allocation area. The notice must:
(A) state the amount, if any, of excess tax proceeds that the
redevelopment commission has determined may be allocated
to the respective taxing units in the manner prescribed in
subsection (c); or
(B) state that the commission has determined that there is no
excess assessed value that may be allocated to the respective
taxing units in the manner prescribed in subdivision (1).
The county auditor shall allocate to the respective taxing units
the amount, if any, of excess assessed value determined by the
commission. The redevelopment commission may not authorize
an allocation of property tax proceeds under this subdivision if
to do so would endanger the interests of the holders of bonds
described in section 24 of this chapter.
(e) Notwithstanding any other law, each assessor shall, upon
petition of the redevelopment commission, reassess the taxable
property situated upon or in, or added to, the certified technology
park effective on the next assessment date after the petition.
(f) Notwithstanding any other law, the assessed value of all
taxable property in the certified technology park, for purposes of tax
limitation, property tax replacement, and formulation of the budget,
tax rate, and tax levy for each political subdivision in which the
property is located is the lesser of:
(1) the assessed value of the taxable property as valued without
regard 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 local
government finance shall make the rules and prescribe the forms and
procedures that the state board of accounts and department of local
government finance consider appropriate for the implementation of
an allocation area under this chapter.
(b) After each general reassessment under IC 6-1.1-4, the
department of local government finance shall adjust the base
assessed value one (1) time to neutralize any effect of the general
reassessment on the property tax proceeds allocated to the certified
technology park fund under section 17 of this chapter. After each
annual adjustment under IC 6-1.1-4-4.5, the department of local
government finance shall adjust the base assessed value to neutralize
any effect of the annual adjustment on the property tax proceeds
allocated to the certified technology park fund under section 17 of
this 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 gross
retail base revenue
Sec. 20. (a) After entering into an agreement under section 12 of
this chapter, the redevelopment commission shall send to the
department of state revenue:
(1) a certified copy of the designation of the certified
technology park under section 11 of this chapter;
(2) a certified copy of the agreement entered into under section
12 of this chapter; and
(3) a complete list of the employers in the certified technology
park and the street names and the range of street numbers of
each street in the certified technology park.
The redevelopment commission shall update the list provided under
subdivision (3) before July 1 of each year.
(b) Not later than sixty (60) days after receiving a copy of the
designation of the certified technology park, the department of state
revenue shall determine the gross retail base period amount and the
income 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 retail
incremental amount
Sec. 21. Before the first business day in October of each year, the
department of state revenue shall calculate the income tax
incremental amount and the gross retail incremental amount for the
preceding state fiscal year for each certified technology park
designated 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 incremental
tax financing fund for each certified technology park designated
under this 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 end of a state fiscal year.
(b) Subject to subsection (c), the following amounts shall be
deposited during each state fiscal year in the incremental tax
financing fund established for a certified technology park under
subsection (a):
(1) The aggregate amount of state gross retail and use taxes that
are remitted under IC 6-2.5 by businesses operating in the
certified technology park, until the amount of state gross retail
and use taxes deposited equals the gross retail incremental
amount for the certified technology park.
(2) The aggregate amount of the following taxes paid by
employees employed in the certified technology park with
respect to wages earned for work in the certified technology
park, until the amount deposited equals the income tax
incremental 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) may
be deposited in a particular incremental tax financing fund for a
certified technology park over the life of the certified technology
park.
(d) On or before the twentieth day of each month, all amounts
held in the incremental tax financing fund established for a certified
technology park shall be distributed to the redevelopment
commission for deposit in the certified technology park fund
established 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 a
certified technology park under this chapter shall establish a certified
technology park fund to receive:
(1) property tax proceeds allocated under section 17 of this
chapter; and
(2) money distributed to the redevelopment commission under
section 22 of this chapter.
(b) Money deposited in the certified technology park fund may be
used by the redevelopment commission only for one (1) or more of
the 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) of
this chapter.
(3) Payment of the principal of and interest on any obligations
that are payable solely or in part from money deposited in the
fund and that are incurred by the redevelopment commission for
the purpose of financing or refinancing the development of
public facilities in the certified technology park.
(4) Establishment, augmentation, or restoration of the debt
service reserve for obligations described in subdivision (3).
(5) Payment of the principal of and interest on bonds issued by
the unit to pay for public facilities in or serving the certified
technology park.
(6) Payment of premiums on the redemption before maturity of
bonds described in subdivision (3).
(7) Payment of amounts due under leases payable from money
deposited in the fund.
(8) Reimbursement to the unit for expenditures made by it for
public facilities in or serving the certified technology park.
(9) Payment of expenses incurred by the redevelopment
commission for public facilities that are in the certified
technology park or serving the certified technology park.
(10) For any purpose authorized by an agreement between
redevelopment commissions entered into under section 26 of
this chapter.
(c) The certified technology park fund may not be used for
operating 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 the
purpose of providing public facilities under this chapter.
(b) The bonds are payable solely from:
(1) property tax proceeds allocated to the certified technology
park fund under section 17 of this chapter;
(2) money distributed to the redevelopment commission under
section 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 the
redevelopment commission.
(d) The terms and form of the bonds shall be set out either in the
resolution 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 public
or private sale upon such terms as determined by the redevelopment
commission.
(g) All money received from any bonds issued under this chapter
shall be applied solely to the payment of the cost of providing public
facilities within a certified technology park, or the cost of refunding
or refinancing outstanding bonds, for which the bonds are issued.
The cost may include:
(1) planning and development of the public facilities and all
related 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 are
necessary or desirable to make the public facilities suitable for
use and operation;
(4) architectural, engineering, consultant, and attorney's fees;
(5) incidental expenses in connection with the issuance and sale
of bonds;
(6) reserves for principal and interest;
(7) interest during construction and for a period thereafter
determined by the redevelopment commission, 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 the
principal 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 and
public facilities within a technology park serves a public purpose and
is of benefit to the general welfare of a unit by encouraging
investment, job creation and retention, and economic growth and
diversity.
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 may
enter into a written agreement under this section to jointly undertake
economic development projects in the certified technology parks
established by the redevelopment commissions that are parties to the
agreement.
(b) A party to an agreement under this section may do one (1) or
more of the following:
(1) Except as provided in subsection (c), grant one (1) or more
of 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 taxes
under section 17 of this chapter, to the bonds or lease rental
obligations of another party to the agreement under IC 5-1-14-4.
(c) A redevelopment commission may not grant to another
redevelopment commission the power to tax or to establish an
allocation area under this chapter.
(d) An action to challenge the validity of an agreement under this
section must be brought not more than thirty (30) days after the
agreement has been approved by all the parties to the agreement.
After that period has passed, the agreement is not contestable for any
cause.
As added by P.L.203-2005, SEC.14.
IC 36-7-32-27
Terms of written agreement for joint economic development
project
Sec. 27. An agreement described in section 26 of this chapter
must 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 joint
undertaking and of establishing and maintaining a budget for
the joint undertaking.
(4) The methods that may be employed in accomplishing the
partial or complete termination of the agreement and for
disposing of property upon partial or complete termination of
the agreement.
(5) The manner of acquiring, holding, and disposing of real and
personal property used in the joint undertaking.
(6) Any other appropriate matters.
As added by P.L.203-2005, SEC.15.