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 in
a global commerce center as finally determined for the
assessment date immediately preceding the effective date of the
allocation provision of a resolution adopted under section 18 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.203-2005, SEC.2.
IC 5-28-26-2
"District"
Sec. 2. As used in this chapter, "district" means the Eastern
Indiana 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 the
meaning 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 economic
development project that is:
(1) selected by a district for development as a global commerce
center; 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 employees
employed in the territory comprising a global commerce center with
respect to wages and salary earned for work in the global commerce
center for the state fiscal year that precedes the date on which the
global commerce center was designated under section 12 of this
chapter:
(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 development
income taxes paid by employees employed in the territory
comprising the global commerce center with respect to wages
and salary earned for work in the territory comprising the global
commerce 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 treatment
facility, a facility designed to reduce, eliminate, or prevent the spread
of identified soil or groundwater contamination, a drainage system,
a retention basin, a pretreatment facility, a waterway, a waterline, a
water storage facility, a rail line, an electric, gas, telephone or other
communications line or any other type of utility line or pipeline, or
another 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 section 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 for 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.
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 economic
development 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 upon
the approval of the district board and fiscal body of the county
in 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" means
the property taxes attributable to the assessed value of property
located in a global commerce center in excess of the base assessed
value.
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, or
town.
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 under
section 12 of this chapter.
(2) Establish a procedure by which the global commerce center
pilot program may be monitored and evaluated on an annual
basis.
(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 of
the area served by the district designated as a global commerce
center, the corporation may approve the district's application if the
corporation determines that the district's proposed global commerce
center meets the following criteria:
(1) The proposed global commerce center is well suited for the
development of a hub and its supporting spokes.
(2) The proposed global commerce center has the support of the
surrounding community.
(3) The proposed global commerce center is well suited for the
development 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 specifying
application procedures.
(c) A global commerce center designated under this section must
include a hub. The boundaries of the global commerce center are not
required to be contiguous. Only one (1) global commerce center pilot
program 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 section
12 of this chapter, an unlimited number of spokes may be added to
the global commerce center at the discretion of the fiscal bodies of
the 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 under
section 12 of this chapter, the district shall send to the department of
state revenue:
(1) a certified copy of the designation of the global commerce
center under section 12 of this chapter; and
(2) a complete list of the employers in the global commerce
center and the street names and the range of street numbers of
each 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 the
designation of the global commerce center, 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.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, 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 global commerce center
designated 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 incremental
tax financing fund for each global commerce center 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) The total amount of the following taxes paid by employees
employed in the global commerce center with respect to wages
earned for work in the global commerce center shall be deposited in
the incremental tax financing fund established for a global commerce
center until the amount deposited equals the income tax incremental
amount:
(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 amounts
held in the incremental tax financing fund established for a global
commerce center shall be distributed to the district that administers
the global commerce center for deposit in the regional economic
development 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 is
located may allocate three percent (3%) of the tax increment
revenues attributable to the hub or spoke to the district if the county
fiscal body adopts a resolution under subsection (b).
(b) The county fiscal body may adopt a resolution designating a
hub or spoke as an allocation area for purposes of the allocation and
distribution of the amount of property taxes described in subsection
(a).
(c) After adoption of the resolution under subsection (b), the
county fiscal body 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 global commerce center is located:
(A) A copy of the notice required by subdivision (1).
(B) A statement disclosing the impact of the global
commerce center, including the following:
(i) The estimated economic benefits and costs incurred by
the global commerce center, 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 global commerce
center and must state that written remonstrances may be filed with
the county fiscal body until the time designated for the hearing. The
notice must also name the place, date, and time when the county
fiscal body 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 county fiscal body 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 county, shall be considered
notified 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 notice
required by this section.
(d) At the hearing, which may be recessed and reconvened
periodically, the county fiscal body 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 county fiscal body shall take final action in
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 county fiscal body shall be
recorded 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 providing
public 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 the
resolution 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 upon
terms determined by the district.
(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 global commerce center, or the cost of refunding
or 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 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 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 the
principal 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 an
interlocal agreement with any other unit located in the area served by
the district in which the global commerce center is designated. A
party to an agreement under this section may pledge any of its
revenues, including taxes or allocated taxes under IC 36-7-14, to the
bonds 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; permitted
uses
Sec. 19. (a) The district shall establish a regional economic
development 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 of
this chapter; and
(3) any other funds made available to the district for the
purposes of economic development within a global commerce
center.
(c) Money in the fund may be used to:
(1) provide rent subsidies to businesses locating in the global
commerce center; and
(2) maintain, improve, and expand economic development
projects located in a global commerce center and the
surrounding 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 after
it 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 center
designation
Sec. 21. (a) The corporation may revoke the corporation's
designation of a global commerce center pilot program at the
discretion of the corporation.
(b) Notwithstanding a revocation made under subsection (a), a
debt or an obligation incurred during the period in which the global
commerce center pilot program was in effect remains valid and
payable.
As added by P.L.203-2005, SEC.2.