§ 36-7-31.5-7 — Approval of resolution by budget agency; requirements

Indiana § 36-7-31.5-7

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 31.5: Additional Professional Sports Development Area in

Text

(a) The budget agency must approve the
resolution before the covered taxes may be allocated under section 8 of
this chapter.
(b) When considering a resolution, the budget committee and the
budget agency must make the following findings:
(1) The project specified in the resolution is economically sound
and will benefit the people of Indiana by protecting or increasing
state and local tax bases and tax revenues for at least the duration
of the tax area established under this chapter.
(2) The political subdivisions affected by the project specified in
the resolution have committed significant resources toward
completion of the improvement.
(c) Revenues from the tax area may not be allocated until the budget
agency approves the resolution.
(d) In addition to the requirements under subsections (a) and (c),
covered taxes may not be allocated unless:
(1) the commission has established a tax area under section 8 of
this chapter;
(2) the budget committee has reviewed the resolution;
(3) the city-county council has adopted an ordinance to impose an
admissions tax under IC 6-9-13;
(4) the capital improvement board has adopted a resolution to
apply revenue collected in the tax area and transferred to the
capital improvement board from imposition of:
(A) an innkeeper's tax under IC 6-9-8; and
(B) an admissions tax under IC 6-9-13;
(5) the owner or owners of the professional soccer team have
provided at least twenty percent (20%) of the cost of the project
to construct the facility that will be used to host professional
sporting events; and
(6) the Indiana finance authority has reviewed a feasibility study
conducted by the capital improvement board, the commission, or
the City of Indianapolis that demonstrates that the proposed
project related to the proposed tax area will protect or increase the
state tax base and revenues.
(e) Revenue described in subsection (d)(4) may be used in the
manner described in section 15 of this chapter.
(f) For purposes of subsection (d)(5), the term "twenty percent
(20%) of the cost" means either:
(1) an initial contribution made before construction begins equal
to twenty percent (20%) of the total capital construction cost of
the facility; or
(2) a commitment to pay twenty percent (20%) of the annual debt
service or lease rental payments payable for the facility until the
financing obligation for the facility is paid in full.
(g) An entity that:
(1) collects innkeeper's tax under IC 6-9-8 or food and beverage
tax under IC 6-9-12 at one (1) or more properties in the tax area;
and
(2) also has one (1) or more properties in the county that are
outside the tax area;
must file separate returns for the properties in the tax area at which the
entity collects innkeeper's tax under IC 6-9-8 or food and beverage tax
under IC 6-9-12.

Legislative History

As added by P.L.109-2019, SEC.16.