(a)Except as provided in this section, an
enterprise zone expires ten (10) years after the day on which it is
designated by the board.
(b)In the period beginning December 1, 2008, and ending
December 31, 2014, an enterprise zone does not expire under this
section if the fiscal body of the municipality in which the enterprise
zone is located adopts a resolution renewing the enterprise zone for an
additional five (5) years. An enterprise zone may be renewed under this
subsection regardless of the number of times the enterprise zone has
been renewed under subsections (d) and (e). A municipal fiscal body
may adopt a renewal resolution and submit a copy of the resolution to
the corporation:
(1)before August 1, 2009, in the case of an enterprise zone that
expired after November 30, 2008, or i
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(a) Except as provided in this section, an
enterprise zone expires ten (10) years after the day on which it is
designated by the board.
(b) In the period beginning December 1, 2008, and ending
December 31, 2014, an enterprise zone does not expire under this
section if the fiscal body of the municipality in which the enterprise
zone is located adopts a resolution renewing the enterprise zone for an
additional five (5) years. An enterprise zone may be renewed under this
subsection regardless of the number of times the enterprise zone has
been renewed under subsections (d) and (e). A municipal fiscal body
may adopt a renewal resolution and submit a copy of the resolution to
the corporation:
(1) before August 1, 2009, in the case of an enterprise zone that
expired after November 30, 2008, or is scheduled to expire before
September 1, 2009; or
(2) at least thirty (30) days before the expiration date of the
enterprise zone, in the case of an enterprise zone scheduled to
expire after August 31, 2009.
If an enterprise zone is renewed under this subsection after having been
renewed under subsection (e), the enterprise zone may not be renewed
after the expiration of this final five (5) year period, except under
subsections (c) and (g).
(c) An enterprise zone does not expire under this section if the fiscal
body of the municipality in which the enterprise zone is located:
(1) has adopted a resolution renewing the enterprise zone under
subsection (b); and
(2) adopts a resolution renewing the enterprise zone for an
additional one (1) year period beginning on the date on which the
enterprise zone would otherwise expire under the resolution
adopted under subdivision (1).
An enterprise zone may be renewed for an additional one (1) year
period under this subsection regardless of the number of times the
enterprise zone has been renewed under subsections (d), (e), and (g).
A municipal fiscal body may adopt a renewal resolution and submit a
copy of the resolution to the corporation at least thirty (30) days before
the expiration date of the enterprise zone. Except as provided in
subsection (g), if an enterprise zone is renewed for an additional one
(1) year period under this subsection after having been renewed under
subsection (e), the enterprise zone may not be renewed after the
expiration of this final one (1) year period.
(d) Before July 1, 2018, the board may review the success of the
enterprise zone based on the following criteria and may, after review
by the budget committee, renew the enterprise zone, including all
provisions of this chapter, for five (5) years:
(1) Increases in capital investment in the zone.
(2) Retention of jobs and creation of jobs in the zone.
(3) Increases in employment opportunities for residents of the
zone.
(e) If an enterprise zone is renewed under subsection (d) before July
1, 2018, the board may review the success of the enterprise zone based
on the criteria set forth in subsection (d) and, after review by the budget
committee, may again renew the enterprise zone, including all
provisions of this chapter, for a final period of five (5) years. Except as
provided in subsection (g), the zone may not be renewed after the
expiration of this final five (5) year period.
(f) Notwithstanding subsection (c), an enterprise zone that was not
renewed under subsection (d) or (e) between January 1, 2017, and June
30, 2018, may be renewed for an additional five (5) year period if the
fiscal body of the municipality in which the enterprise zone is located
adopts a resolution to renew the enterprise zone for an additional five
(5) year period. Except as provided in subsection (g), the enterprise
zone may not be renewed after the expiration of this final five (5) year
period.
(g) Before the expiration date of an enterprise zone, the fiscal body
of the municipality in which the enterprise zone is located may adopt
a resolution to renew the enterprise zone for an additional five (5) year
period. A zone business in an enterprise zone renewed under this
subsection may only access incentives available under IC 6-1.1-45. An
enterprise zone may be renewed under this subsection regardless of the
number of times the enterprise zone has been previously renewed under
this section.