§ 36-7-15.3-7 — Additional purposes; prohibitions

Indiana § 36-7-15.3-7

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 15.3: Redevelopment Authority in Marion County

Text

(a) In addition to its purposes specified in IC 36-10-9.1-10, the authority is also organized for the following
purposes:
(1) Financing, constructing, and leasing local public
improvements to the commission.
(2) Financing and constructing additional improvements to local
public improvements owned by the authority and leasing them to
the commission.
(3) Acquiring all or a portion of one (1) or more local public
improvements from the commission by purchase or lease and
leasing these local public improvements back to the commission,
with any additional improvements that may be made to them.
(4) Acquiring all or a portion of one (1) or more local public
improvements from the commission by purchase or lease to fund
or refund indebtedness incurred on account of those local public
improvements to enable the commission to make a savings in debt
service obligations or lease rental obligations or to obtain relief
from covenants that the commission considers to be unduly
burdensome.
(b) Notwithstanding any other provision of this chapter, after June
30, 2014:
(1) an authority; or
(2) any other entity:
(A) established by the authority; or
(B) controlled by the authority;
may not own, lease, or otherwise hold a single family dwelling or
condominium unit for purposes of leasing for the use by individuals as
a dwelling. In addition, an arrangement or agreement that is contrary
to this section may not be extended beyond the term of the arrangement
or agreement as in effect on June 30, 2014. However, an authority or
entity covered by this section may own property in the capacity of a
land bank for a unit.

Legislative History

As added by P.L.84-1987, SEC.14. Amended by P.L.149-2014, SEC.37.