§ 36-7-32.5-22 — Annual report; required information

Indiana § 36-7-32.5-22

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7: PLANNING AND DEVELOPMENT
• Ch. 32.5: Innovation Development Districts

Text

The corporation shall provide information
on the innovation development district program in its economic
incentive and compliance report submitted pursuant to IC 5-28-28-5,
and to the budget committee, that includes the following:
(1) Metrics established by the corporation to evaluate the
effectiveness of the innovation development district in promoting
economic growth in the state.
(2) The amount and name of each entity for which there is a
unfunded obligation at the close of each state fiscal year.
(3) A report on each innovation development district designated
under this chapter that includes a description of:
(A) the general boundaries of the innovation development
district;
(B) the total acreage encompassed within the innovation
development district;
(C) the base assessed value of the innovation development
district;
(D) the gross retail base period amount determined for the
innovation development district;
(E) the income tax base period amount determined for the
innovation development district;
(F) the gross assessed value of all tangible real and personal
property, without regard to any exemption granted by an
executive or the corporation under section 15(b) of this chapter,
that is:
(i) located within the innovation development district; and
(ii) in the case of real property, assessed as commercial or
industrial property under the rules of the department of local
government finance;
in each calendar year after the calendar year in which the
innovation development district was designated;
(G) the amount of incremental property tax revenue deposited
into the local innovation development district fund established
by section 19 of this chapter in each state fiscal year after the
state fiscal year in which the innovation development district
was designated;
(H) the amount of incremental state gross retail and use tax
revenue deposited into the local innovation development
district fund established by section 19 of this chapter in each
state fiscal year after the state fiscal year in which the
innovation development district was designated;
(I) the amount of incremental state adjusted gross income tax
revenue deposited into the local innovation development
district fund established by section 19 of this chapter in each
state fiscal year after the state fiscal year in which the
innovation development district was designated;
(J) the amount of revenue deposited into the local innovation
development district fund established by section 19 of this
chapter that was transferred into the economic development
reserve account established under section 20.5 of this chapter
in each state fiscal year after the state fiscal year in which the
innovation development district was designated;
(K) the aggregate amount of bonds issued by the Indiana
finance authority under IC 5-1.2-4-4(a)(2) to pay for projects
within the innovation development district;
(L) the annual amount of debt service payments due on the
bonds described in clause (K); and
(M) a description of all economic development incentives
granted by the corporation to businesses located within the
innovation development district.

Legislative History

As added by P.L.135-2022, SEC.28. Amended by P.L.213-2025, SEC.321.