§ 36-7-30.5-25 — Lessor of property

Indiana § 36-7-30.5-25

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 30.5: Development of Multicounty Federal Military Bases

Text

(a) Any of the following persons may lease
facilities referred to in section 24 of this chapter to a development
authority under this chapter:
(1) A for-profit or nonprofit corporation organized under Indiana
law or admitted to do business in Indiana.
(2) A partnership, an association, a limited liability company, or
a firm.
(3) An individual.
(4) A redevelopment authority established under IC 36-7-14.5.
(b) Notwithstanding any other law, a lessor under this section and
section 24 of this chapter is a qualified entity for purposes of IC 5-1.4.
(c) Notwithstanding any other law, a military base development
facility leased by the development authority 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 development authority to a lessor described in subsection (c) may be
made from sources set forth in section 24 of this chapter if the
payments and the lease are structured to prevent the lease obligation
from constituting a debt of a unit or the district for purposes of the
Constitution of the State of Indiana.

Legislative History

As added by P.L.203-2005, SEC.11.