§ 36-1-7-15 — Agreements between economic development entities

(a) As used in this section, "economic
development entity" means any of the following:
(1) A department of redevelopment organized under IC 36-7-14.
(2) A department of metropolitan development under IC 36-7-15.1.
(3) A port authority organized under IC 8-10-5.
(4) An airport authority organized under IC 8-22-3.
(5) The Indiana finance authority.
(6) A regional development authority established under IC 36-7.5
or IC 36-7.6.
(7) A regional planning commission established under IC 36-7-7
or IC 36-7-7.6.
(b) Notwithstanding section 2 of this chapter, two (2) or more
economic development entities may enter into a written agreement
under section 3 of this chapter if the agreement is approved by each
entity's governing body.
(c) A party to an agreement under this section may do one (1) or
more of the following:
(1) Except as provided in subsection (d), 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 IC 36-7-14, IC 36-7-15.1, or IC 8-22-3.5, to the bonds or
lease rental obligations of another party to the agreement under IC 5-1-14-4.
(d) An economic development entity may not grant to another entity
the power to tax or to establish an allocation area under IC 8-22-3.5, IC 36-7-14-39, or IC 36-7-15.1.
(e) An agreement under this section does not have to comply with
section 3(a)(5) or 4 of this chapter.
(f) An action to challenge the validity of an agreement under this
section must be brought within 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.

Legislative History

As added by P.L.108-1993, SEC.12. Amended by P.L.115-1995, SEC.14; P.L.85-1996, SEC.10; P.L.170-2002, SEC.137; P.L.203-2005, SEC.7; P.L.221-2007, SEC.26; P.L.26-2020, SEC.3.