Indiana § 5-28-28-7 Investigating failure to comply with incentive agreement; reclaiming
grants, loans, or incentives

Indiana Statutes

§ 5-28-28-7 — Investigating failure to comply with incentive agreement; reclaiming grants, loans, or incentives

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 28 State Economic Incentives and Compliance Report

(a)If, in the course of compiling information to complete a report required by section 5 of this chapter or upon the receipt of any other information concerning noncompliance with the terms and conditions of an incentive granted by the corporation, the corporation determines that a recipient of an incentive awarded by the corporation has not complied with the terms of the incentive agreement, the corporation shall take the actions required under subsections (b) and (d).

(b)If the incentive is a grant or loan awarded before April 1, 2010, the corporation shall determine:

(1)whether there was good cause for the noncompliance; and

(2)whether the recipient is in default. If in the judgment of the corporation there is not good cause for any noncompliance discovered under subsection (a), the

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(a) If, in the course of compiling information
to complete a report required by section 5 of this chapter or upon the
receipt of any other information concerning noncompliance with the
terms and conditions of an incentive granted by the corporation, the
corporation determines that a recipient of an incentive awarded by the
corporation has not complied with the terms of the incentive
agreement, the corporation shall take the actions required under
subsections (b) and (d).
(b) If the incentive is a grant or loan awarded before April 1, 2010,
the corporation shall determine:
(1) whether there was good cause for the noncompliance; and
(2) whether the recipient is in default.
If in the judgment of the corporation there is not good cause for any
noncompliance discovered under subsection (a), the corporation may
seek a refund or arrange other methods of reclaiming the grant or loan
from the recipient. If the corporation does seek a refund or otherwise
reclaims a grant or loan from the recipient under this section, the
amount of the refund or reclaimed part must be in proportion to the
degree of default by the recipient as determined by the corporation.
(c) Subsection (b) does not apply to a recipient of a grant or loan if:
(1) the grant or loan has been disbursed on a pro rata basis; and
(2) in the judgment of the corporation, the recipient's performance
in relation to the recipient's performance goals equals or exceeds
the ratio of the amount of the recipient's actual benefit from the
grant or loan to the total amount of the grant or loan originally
contemplated in the grant or loan award.
(d) If the incentive granted by the corporation was awarded after
March 31, 2010, the corporation shall seek a refund or arrange other
methods of reclaiming the value of the incentive granted by the
corporation from the recipient. The amount of the refund or reclaimed
part must be in proportion to the degree of default by the recipient as
determined by the corporation.

Indiana § 5-28-28-7 (Investigating failure to comply with incentive agreement; reclaiming grants, loans, or incentives) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.