§ 36-7-14-25.3 — Lessors of redevelopment facilities; effect of other statutory provisions

Indiana § 36-7-14-25.3

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 14: Redevelopment of Areas Needing Redevelopment

Text

3. (a) Any of the following persons may
lease facilities referred to in section 25.2 of this chapter to a
redevelopment commission under this chapter:
(1) A not-for-profit corporation organized under Indiana law or
admitted to do business in Indiana.
(2) A redevelopment authority established under IC 36-7-14.5.
(b) Notwithstanding any other law, a lessor under this section and
section 25.2 of this chapter is a qualified entity for purposes of IC 5-1.4.
(c) Notwithstanding any other law, a redevelopment facility leased
by the redevelopment commission under this chapter from a lessor
borrowing bond proceeds from a unit under IC 36-7-12 is an economic
development facility for purposes of IC 36-7-11.9-3 and IC 36-7-12.
(d) Notwithstanding IC 36-7-12-25 and IC 36-7-12-26, payments by
a redevelopment commission to a lessor described in subsection (c)
may be made from sources set forth in section 25.2 of this chapter so
long as the payments and the lease are structured to prevent the lease
obligation from constituting a debt of the unit or the district for
purposes of the Constitution of the State of Indiana.

Legislative History

As added by P.L.380-1987(ss), SEC.12.