(a)If the corporation designates a territory
within the jurisdiction of a city, town, or county, or within the
jurisdiction of more than one (1) city, town, or county, as an innovation
development district under section 9(b) or 9(c) of this chapter, the
following apply:
(1)The executive, or, if applicable, the executives, and the
corporation shall enter into an agreement establishing the terms
and conditions governing the innovation development district in
accordance with this section.
(2)If the executive, or, if applicable, the executives, and the
corporation cannot enter into an agreement under subdivision (1),
the designation of territory under section 9 of this chapter is no
longer effective and the innovation development district may not
be designated or otherwise established under
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(a) If the corporation designates a territory
within the jurisdiction of a city, town, or county, or within the
jurisdiction of more than one (1) city, town, or county, as an innovation
development district under section 9(b) or 9(c) of this chapter, the
following apply:
(1) The executive, or, if applicable, the executives, and the
corporation shall enter into an agreement establishing the terms
and conditions governing the innovation development district in
accordance with this section.
(2) If the executive, or, if applicable, the executives, and the
corporation cannot enter into an agreement under subdivision (1),
the designation of territory under section 9 of this chapter is no
longer effective and the innovation development district may not
be designated or otherwise established under this chapter.
(b) The agreement must include the following provisions:
(1) A description of the area, including a list of all parcels to be
included within the innovation development district.
(2) Covenants and restrictions, if any, upon all or a part of the
properties contained within the innovation development district
and terms of enforcement of any covenants or restrictions.
(3) The due diligence and financial commitments of any party to
the agreement and of any owner or developer of property within
the innovation development district.
(4) The financial projections of the innovation development
district.
(5) The proposed use of the:
(A) net increment; and
(B) incremental property tax amount described in section 14(d)
of this chapter;
that is captured within the innovation development district,
including the amount of any funds expected to be allocated to the
business or businesses that are locating within the innovation
development district as economic development incentives.
(6) The aggregate percentage of annual incremental property tax
revenue that will be transferred to the city, town, county, or school
corporation, or, if applicable, the cities, towns, counties, or school
corporations, under section 19(e) of this chapter. The aggregate
percentage transferred may not be less than twelve percent (12%)
of the annual amount of incremental property tax revenue
deposited in the local innovation development district fund
established by section 19 of this chapter.
(7) Subject to the limitations of this chapter, the duration of the
designation of an area as an innovation development district.
(8) 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.
(9) The public facilities to be developed for the innovation
development district and the estimated costs of those public
facilities.
(c) If an innovation development district will include territory
located in an existing allocation area described in section 10(b) of this
chapter, the executive, or, if applicable, the executives, and the
corporation shall enter into an agreement establishing the terms and
conditions governing the innovation development district in accordance
with this section. The agreement must include the following provisions:
(1) The provisions listed in subsection (b)(1) through (b)(9).
(2) A provision prohibiting the city, county, town, or other entity
that established the applicable existing allocation area described
in section 10(b) of this chapter from incurring any additional
obligations that require a pledge of future incremental property
tax revenue to be paid from the applicable existing allocation area
described in section 10(b) of this chapter without first obtaining
the consent of the corporation.
(3) A provision requiring the maintenance of all applicable
property tax records for the parcel or parcels located within the
innovation development district during the term of the innovation
development district.
If the executive, or, if applicable, the executives, and the corporation
cannot enter into an agreement under this subsection, the designation
of territory under section 9 of this chapter is no longer effective and the
innovation development district may not be designated or otherwise
established under this chapter.
(d) An executive may discuss the terms of an agreement described
in this section and hold a meeting as an executive session under IC 5-14-1.5-6.1 with:
(1) in the case of a city other than a consolidated city, the
common council;
(2) in the case of a consolidated city, or a county having a
consolidated city, the city-county council;
(3) in the case of a town, the town council; and
(4) in the case of a county that does not have a consolidated city,
the board of county commissioners.
(e) Within fifteen (15) days of entering into an agreement under
subsection (a), the corporation shall:
(1) submit a written report on the agreement to the budget
committee; and
(2) provide notification of the designation to the department of
state revenue and the department of local government finance.
(f) Neither an executive nor the corporation may exercise the power
of eminent domain within an innovation development district.