§ 36-7.5-7-8 — Proposals for convention and event center; contents; approval of proposal

Indiana § 36-7.5-7-8

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 7.5: NORTHWEST INDIANA REGIONAL
• Ch. 7: Lake County Economic Development and Convention

Text

(a) Beginning July 1, 2023, the Lake County
board of commissioners shall begin accepting proposals for the
development, operation, and an ownership share in a Lake County
convention and event center from any entity qualified to fund and
operate a convention and event center, including local political
subdivisions. Subject to subsection (d), timely proposals shall be
submitted not later than December 1, 2024. A proposal must include
at least the following:
(1) Any variance in the entity's proposal from what is described
in the updated feasibility study prepared under section 5(i) of this
chapter as the variance is related to a return on investment
analysis, including anticipated income generated countywide,
peripheral investment anticipated to result from the project, or
anticipated gross retail tax revenue to be generated from the
project.
(2) The uses that the convention and event center will
accommodate.
(3) Acknowledgment that in order to secure money from the
convention fund and reserve fund, the Lake County convention
center authority, as described in section 9 of this chapter, will
share in ownership of the convention and event center.
(4) An operating plan, including information concerning:
(A) any third party entity expected to manage and operate the
facility;
(B) any professional experience with convention center
operations;
(C) any professional experience with facility management; and
(D) any experience with efficiency programs used for managing
operating costs and capital expenditures.
(5) An anticipated operating budget for the facility, including the
financing of any operational shortfall and pro forma operating
statements for the first five (5) years of operations.
(6) Any documents related to vendor agreements, leases,
partnerships, and financing plans and commitments.
(7) Any proposed or available hotel accommodations that may be
dedicated for the promotion and sales of the convention and event
center, and not for promotional uses for any other associated
facility.
(8) Any other information considered necessary by the Lake
County board of commissioners.
(b) Proposals shall be submitted to the Lake County board of
commissioners and reviewed for completeness, adherence to the
requirements under this section, and evaluation of the materials
submitted.
(c) The Lake County board of commissioners shall hold public
hearings concerning proposals submitted and for the selection of any
professional advisers to be used in approval of a proposal.
(d) If a proposal is approved, the Lake County board of
commissioners shall adopt a resolution to that effect. If no proposal is
approved before June 1, 2025, proposals may continue to be submitted
to the Lake County board of commissioners for review. However, if no
proposal is approved before January 1, 2028, no additional proposals
may be accepted, and any money in the fund reverts to the state general
fund.

Legislative History

As added by P.L.195-2023, SEC.7. Amended by P.L.102-2024, SEC.4.