Indiana § 36-7-32.5-19 Local innovation development district fund; administration; use of
money in a fund; transfers from a fund

Indiana Statutes

§ 36-7-32.5-19 — Local innovation development district fund; administration; use of money in a fund; transfers from a fund

Indiana § 36-7-32.5-19

Title 36LOCAL GOVERNMENT

Art. 7PLANNING AND DEVELOPMENT

Ch. 32.5Innovation Development Districts

This text of Indiana § 36-7-32.5-19 (Local innovation development district fund; administration; use of money in a fund; transfers from a fund) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 36-7-32.5-19 (2026).

Text

(a)The corporation shall establish a local innovation development district fund for each innovation development district designated under section 9 of this chapter.

(b)Each fund consists of:

(1)deposits of incremental property tax revenue from the county auditor as provided in section 14(d) of this chapter; and

(2)transfers from the department of state revenue under section 18 of this chapter.

(c)The corporation shall administer each local innovation development district fund established under this section. The expenses of administering each fund shall be paid from money in that fund.

(d)The corporation may use money in each fund for the following purposes:

(1)The acquisition, improvement, preparation, demolition, disposal, construction, reconstruction, remediation, rehabilitation,

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(a) The corporation shall establish a local
innovation development district fund for each innovation development
district designated under section 9 of this chapter.
(b) Each fund consists of:
(1) deposits of incremental property tax revenue from the county
auditor as provided in section 14(d) of this chapter; and
(2) transfers from the department of state revenue under section
18 of this chapter.
(c) The corporation shall administer each local innovation
development district fund established under this section. The expenses
of administering each fund shall be paid from money in that fund.
(d) The corporation may use money in each fund for the following
purposes:
(1) The acquisition, improvement, preparation, demolition,
disposal, construction, reconstruction, remediation, rehabilitation,
restoration, preservation, maintenance, repair, furnishing, and
equipping of public facilities, including but not limited to utilities
and transportation infrastructure.
(2) The operation of public facilities.
(3) The acquisition of land within the innovation development
district.
(4) The recruitment of new businesses and new employees to the
innovation development district.
(5) The training of individuals employed in the innovation
development district.
(6) The payment of economic development incentives granted by
the corporation to businesses located within the boundaries of the
innovation development district.
(e) Not later than August 1 of each year, the corporation shall
transfer an amount of incremental property tax revenues that may not
be less than twelve percent (12%) of the annual amount of incremental
property tax revenue deposited under subsection (b)(1) to the general
fund of each city, town, county, or school corporation with territory
located within the innovation development district. If the corporation
is required to transfer funds to more than one (1) city, town, county, or
school corporation under this subsection, the amount transferred to
each city, town, county, and school corporation must be allocated
among each city, town, county, and school corporation proportionately
based on each city's, town's, county's, and school corporation's property
tax levy applied to property located within the innovation development
district. A transfer under this subsection does not reduce the actual or
maximum permissible levy of a city, town, county, or school
corporation and may not be considered in determining a city's, town's,
county's, or school corporation's maximum permissible ad valorem
property tax levy limit under IC 6-1.1-18.5.
(f) Each state fiscal year, the corporation shall, after:
(1) making the transfer required under subsection (e);
(2) paying all obligations and expenses of the innovation
development district in accordance with an agreement entered
into under section 12 of this chapter, including payment of any
economic development incentives for businesses located within
the boundaries of the innovation development district; and
(3) satisfying all debt service obligations due and payable during
the state fiscal year for bonds issued under IC 5-1.2-4-4(a)(2);
transfer from each local innovation development district fund to the
economic development reserve account established by section 20.5 of
this chapter an amount not to exceed one hundred percent (100%) of
the net incremental revenue derived from state income taxes and gross
retail taxes deposited into each fund during the immediately preceding
state fiscal year.
(g) Money in each local innovation development district fund at the
end of a state fiscal year does not revert to the state general fund.
(h) Money in each local innovation development district fund is
continuously appropriated for the purposes specified in this section.