§ 36-7-32-13 — Authority; sale price or rental value of public facilities below market value

Indiana § 36-7-32-13

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 32: Certified Technology Parks

Text

(a) If the office determines that a sale price
or rental value at below market rate will assist in increasing
employment or private investment in a certified technology park, the
redevelopment commission and the legislative body of the unit may
determine the sale price or rental value for public facilities owned or
developed by the redevelopment commission and the unit in the
certified technology park at below market rate.
(b) If public facilities developed under an agreement entered into
under this chapter are conveyed or leased at less than fair market value
or at below market rates, the terms of the conveyance or lease shall
include legal and equitable remedies and rights to assure that the public
facilities are used for high technology activities or as a business
incubator. Legal and equitable remedies and rights may include
penalties and actual or liquidated damages.

Legislative History

As added by P.L.192-2002(ss), SEC.187. Amended by P.L.4-2005, SEC.146; P.L.145-2025, SEC.13.