6-54-118 - Municipal relationships with industrial development corporations.
6-54-118. Municipal relationships with industrial development corporations.
(a) (1) Notwithstanding any other provision of law to the contrary, a municipality may appropriate funds, which may be funds borrowed by the municipality under applicable law, for the purpose of making a loan, with reasonable interest assessed, or a contribution to an eligible industrial development corporation, as defined in subsection (b), for the purpose of economic development or industrial development, or both.
(2) Without limiting the provisions of subdivision (a)(1), a municipality may also agree, for the period of time that the municipality may determine pursuant to an interlocal agreement entered into under § 12-9-104, that relates to the joint development or operation of an industrial park or a business park, to contribute to any eligible industrial development corporation that is identified in the interlocal agreement as the entity responsible for the development or operation of the industrial park or business park an amount equal to the property taxes that the municipality receives with respect to the property, including personal property, located within the industrial park or business park.
(3) Any amounts contributed to an industrial development corporation pursuant to subdivision (a)(2) shall be deemed revenues of the industrial development corporation, which may be used for any lawful purpose of the industrial development corporation.
(4) Without limiting the provisions of subdivisions (a)(1)-(3), any industrial development corporation that is identified in an interlocal agreement as the entity responsible for the development or operation of an industrial park or business park shall be authorized to distribute to any municipality that is a party to the interlocal agreement any revenues received by the industrial development corporation with respect to the industrial park or business park that are in excess of the amounts that are needed to pay the expenses of developing and operating the industrial park or business park.
(b) For purposes of this section:
(1) Eligible industrial development corporation means:
(A) Any industrial development corporation incorporated in the county in which the municipality is located;
(B) Any industrial development corporation formed jointly by the municipality and other municipalities pursuant to § 7-53-104(b); and
(C) Any industrial development corporation that has been identified in an interlocal agreement to which a municipality is a party as the entity that will be responsible for the development or operation of an industrial park or business park; and
(2) Municipality shall have the same meaning as in § 7-53-101.
[Acts 1993, ch. 197, § 1; 2006, ch. 670, § 1.]