Indiana § 36-7-15.3-10 Requirements for lease of local improvements to commission

Indiana Statutes

§ 36-7-15.3-10 — Requirements for lease of local improvements to commission

Indiana § 36-7-15.3-10

Title 36LOCAL GOVERNMENT

Art. 7PLANNING AND DEVELOPMENT

Ch. 15.3Redevelopment Authority in Marion County

This text of Indiana § 36-7-15.3-10 (Requirements for lease of local improvements to commission) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-7-15.3-10 (2026).

Text

(a)Before a lease may be entered into, the commission must find that the lease rental provided for is fair and reasonable.

(b)A lease of local public improvements from the authority to the commission:

(1)must comply with IC 36-7-15.1-17.1, IC 36-7-15.1-46, or IC 36-7-30-20;

(2)may not require payment of lease rental for a newly constructed local public improvement or for improvements to an existing local public improvement except to the extent that the local public improvement or improvements thereto have been completed and are ready for occupancy;

(3)may contain provisions:

(A)allowing the commission to continue to operate an existing local public improvement until completion of the improvements, reconstruction, or renovation; and

(B)requiring payment of lease rentals for an existi

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(a) Before a lease may be entered into, the
commission must find that the lease rental provided for is fair and
reasonable.
(b) A lease of local public improvements from the authority to the
commission:
(1) must comply with IC 36-7-15.1-17.1, IC 36-7-15.1-46, or IC 36-7-30-20;
(2) may not require payment of lease rental for a newly
constructed local public improvement or for improvements to an
existing local public improvement except to the extent that the
local public improvement or improvements thereto have been
completed and are ready for occupancy;
(3) may contain provisions:
(A) allowing the commission to continue to operate an existing
local public improvement until completion of the
improvements, reconstruction, or renovation; and
(B) requiring payment of lease rentals for an existing local
public improvement being used, reconstructed, or renovated;
(4) may contain an option to renew the lease for the same or
shorter term on the conditions provided in the lease;
(5) must contain an option for the commission to purchase the
local public improvement upon the terms stated in the lease
during the term of the lease for a price equal to the amount
required to pay all indebtedness incurred on account of the local
public improvement, including indebtedness incurred for the
refunding of that indebtedness;
(6) may be entered into before acquisition or construction of a
local public improvement;
(7) may provide that the commission shall agree to:
(A) pay all taxes and assessments thereon;
(B) maintain insurance thereon for the benefit of the authority;
and
(C) assume responsibility for utilities, repairs, alterations, and
any costs of operation; and
(8) may provide that the lease rental payments by the commission
shall be made from any one (1) or more of the sources set forth in
IC 36-7-14-25.2, IC 36-7-15.1-17.1, IC 36-7-15.1-46, or IC 36-7-30-20.