§ 5-1-17-0.3 — General assembly findings

Indiana § 5-1-17-0.3

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 1: BONDS AND OTHER OBLIGATIONS
• Ch. 17: Indiana Stadium and Convention Building Authority

Text

3. The general assembly finds the following:
(1) Marion, Boone, Johnson, Hamilton, Hancock, Hendricks,
Morgan, and Shelby counties, and certain municipalities located
in those counties, face unique and distinct challenges and
opportunities related to the economic development issues
associated with the construction and maintenance of a world-class
convention center and stadium facility in Indianapolis.
(2) A unique approach is required to ensure that these counties
have sufficient revenue sources to allow them to meet these
challenges and opportunities.
(3) The powers and responsibilities provided to these counties and
to the Indiana stadium and convention building authority created
by this chapter are appropriate and necessary to carry out the
public purposes of encouraging and fostering economic
development in central Indiana and constructing a world-class
convention center and stadium facility in Indianapolis.
(4) The retention of a National Football League franchised
professional football team in Indianapolis poses unique
challenges due to the need for development of a world class
football stadium and related infrastructure that would not be
needed apart from the needs related to the retention of a National
Football League franchised professional football team in
Indianapolis.
(5) The retention of a National Football League franchised
professional football team in Indianapolis is critical to successful
economic development in Indianapolis and is a public purpose.
(6) Encouragement of economic development in Indianapolis
will:
(A) generate significant economic activity, a substantial portion
of which results from persons residing outside Indiana, which
may attract new businesses and encourage existing businesses
to remain or expand in Indianapolis;
(B) promote the consolidated city to residents outside Indiana,
which may attract residents outside Indiana and new businesses
to relocate to the Indianapolis area;
(C) protect and increase state and local tax revenues; and
(D) encourage overall economic growth in Indianapolis and in
Indiana.
(7) Indianapolis faces unique challenges in the development of
infrastructure and other facilities necessary to promote economic
development as a result of its need to rely on sources of revenue
other than property taxes, due to the large number of tax exempt
properties located in Indianapolis because Indianapolis is the seat
of government, the home to multiple institutions of higher
education, and the site of numerous state and regional nonprofit
corporations.
(8) Economic development benefits the health and welfare of the
people of Indiana, is a public use and purpose for which public
money may be spent, and is of public utility and benefit.

Legislative History

As added by P.L.220-2011, SEC.58.