§ 36-7.5-3-5 — Grant program for extending the Chicago, South Shore, and South Bend Railway

Indiana § 36-7.5-3-5

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.5: NORTHWEST INDIANA REGIONAL
• Ch. 3: Development Authority Powers and Duties

Text

(a) There is established a grant program to
provide state matching grants for construction projects extending the
Chicago, South Shore, and South Bend Railway.
(b) To participate in the grant program, the development authority
must prepare an update to the comprehensive strategic development
plan prepared under section 4 of this chapter. The update must include
detailed information concerning the following:
(1) The proposed projects to be undertaken by the development
authority to extend the Chicago, South Shore, and South Bend
Railway using grants made under this section.
(2) The commitments being made by the development authority
and political subdivisions in exchange for receiving grants under
this section.
(3) The following information for each project included under
subdivision (1):
(A) The location of each project.
(B) A timeline and budget, including milestones that the
development authority commits to achieving by the time
specified.
(C) The expected return on investment.
(D) Any projected or expected federal and local matching
funds.
(c) To receive a matching grant under this section, the development
authority must adopt an authorizing resolution and submit the updated
plan along with a grant application to the Indiana finance authority for
approval, after review by the budget committee.
(d) A grant may not be approved under this section unless the
Indiana finance authority finds that the development authority can
demonstrate an annual return on investment that, within twenty (20)
years after the first grant is made for the projects, is at least twice the
annualized amount of the grant requested. The return on investment
must be measured by the annual amount of incremental state fiscal year
increases to state gross retail and use taxes and state income taxes that
are projected to be collected as a direct result of the projects, as
determined by the Indiana finance authority. Projections to determine
the return on investment must be provided in detail by the development
authority and shall be evaluated by the office of management and
budget.
(e) If projects that will be financed are approved under this section,
the Indiana finance authority may, after review by the budget
committee, approve a grant, comprised of a series of annual grants that
is consistent with the financing requirements for the approved projects.
If the Indiana finance authority approves and makes a grant under this
section, the general assembly covenants that it will not:
(1) repeal or amend this section in a manner that would adversely
affect owners of outstanding bonds, or payment of any lease
rentals, secured by grants made under this section; or
(2) in any way impair the rights of owners of bonds of the
development authority, or the owners of bonds secured by lease
rentals, secured by grants made under this section.
The budget agency shall allot the appropriation for the duration of the
grants that are needed to complete the approved projects.
(f) If the Indiana finance authority approves and makes a grant
under this section, the development authority shall in July of each year
through 2045 submit an annual progress report to the Indiana finance
authority.
(g) The following must be deposited each year in the northwest
Indiana regional development authority commuter rail construction
fund established by section 6 of this chapter:
(1) Money that is granted to the development authority by the
state under this section during the year.
(2) Money that is committed by the development authority under
this section for the year.
(3) Money that is committed by a political subdivision to
economic development purposes under IC 6-3.6-6.
(4) In the case of a political subdivision in Porter County, the
money that is committed by the political subdivision to economic
development purposes under IC 6-3.6-6 from the local income tax
shall be paid from tax revenue that is in excess of the first three
million five hundred thousand dollars ($3,500,000) that is
required to be transferred under IC 6-3.6-11-6(d)(2). Any
remaining tax revenue that:
(A) is in excess of the first three million five hundred thousand
dollars ($3,500,000) each year that is required to be transferred
under IC 6-3.6-11-6(d)(2); and
(B) is not committed by a political subdivision under this
subdivision;
shall be used as required by IC 6-3.6-11-6(d)(3).

Legislative History

As added by P.L.213-2015, SEC.265. Amended by P.L.197-2016, SEC.140; P.L.108-2019, SEC.246.