Indiana § 5-28-28-8 Incentive recapture; waiver or modification

Indiana Statutes

§ 5-28-28-8 — Incentive recapture; waiver or modification

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

(a)As used in this section, "recapture provision" means language that requires the recipient of an incentive to repay some part of the incentive.

(b)The corporation may waive or modify a recapture provision of this article or an agreement made with a person to whom the corporation has awarded an incentive if the corporation determines that the recipient of an incentive awarded by the corporation has failed to meet a condition for receiving the incentive because of circumstances beyond the recipient's control, including:

(1)natural disaster;

(2)unforeseen industry trends;

(3)lack of available labor force;

(4)loss of a major supplier or market; or

(5)another circumstance beyond the recipient's control, as determined by the corporation.

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(a) As used in this section, "recapture
provision" means language that requires the recipient of an incentive
to repay some part of the incentive.
(b) The corporation may waive or modify a recapture provision of
this article or an agreement made with a person to whom the
corporation has awarded an incentive if the corporation determines that
the recipient of an incentive awarded by the corporation has failed to
meet a condition for receiving the incentive because of circumstances
beyond the recipient's control, including:
(1) natural disaster;
(2) unforeseen industry trends;
(3) lack of available labor force;
(4) loss of a major supplier or market; or
(5) another circumstance beyond the recipient's control, as
determined by the corporation.

Indiana § 5-28-28-8 (Incentive recapture; waiver or modification) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.