§ 36-7-32-12 — Agreements; governing certified technology parks

A redevelopment commission and the
legislative body of the unit that established the redevelopment
commission may enter into an agreement with the office establishing
the terms and conditions governing a certified technology park
designated under section 11 of this chapter. Upon designation of the
certified technology park under the terms of the agreement, the
subsequent failure of any party to comply with the terms of the
agreement may result in the termination or rescission of the designation
of the area as a certified technology park. The agreement must include
the following provisions:
(1) A description of the area to be included within the certified
technology park.
(2) Covenants and restrictions, if any, upon all or a part of the
properties contained within the certified technology park and
terms of enforcement of any covenants or restrictions.
(3) The financial commitments of any party to the agreement and
of any owner or developer of property within the certified
technology park.
(4) The terms of any commitment required from a postsecondary
educational institution or private research based institute for
support of the operations and activities within the certified
technology park.
(5) The terms of enforcement of the agreement, which may
include the definition of events of default, cure periods, legal and
equitable remedies and rights, and penalties and damages, actual
or liquidated, upon the occurrence of an event of default.
(6) The public facilities to be developed for the certified
technology park and the costs of those public facilities, as
approved by the office.

Legislative History

As added by P.L.192-2002(ss), SEC.187. Amended by P.L.4-2005, SEC.145; P.L.2-2007, SEC.389; P.L.154-2007, SEC.2; P.L.145-2025, SEC.12.