§ 5-28-6-6 — Job creation incentive agreement; requirements; penalties

Indiana § 5-28-6-6

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 6: Duties

Text

The corporation shall require an applicant for a
job creation incentive to be granted by the corporation after March 31,
2010, to enter into an agreement with the corporation as a condition of
receiving the incentive. Subject to IC 5-28-28-8, the agreement must
include the following:
(1) The applicant's agreement regarding the following:
(A) The number of individuals that are expected to be
employed by the applicant, including the number of employees
who will be hired, retained, or trained during the duration of the
agreement.
(B) If a financial investment by an applicant is a condition for
providing an incentive, the amount of the financial investment
that the applicant expects to make in Indiana as a result of the
project for which the incentive is granted.
(2) A requirement that the applicant shall file with the compliance
officer an annual compliance report detailing the applicant's
compliance, or progress toward compliance, with subdivision (1).
(3) A provision that notifies the applicant that the applicant is
subject to a determination of the corporation under this
subdivision. The corporation, after a finding that the applicant is
employing fewer individuals than the applicant agreed to employ
or that the applicant has not made the financial investment agreed
to under subdivision (1), subject to any confidentiality laws, shall
hold a hearing to determine if the applicant shall be required to
pay back to the state a part of the incentive granted to the
applicant under the agreement. The penalty imposed must be a
matter of public record and must reflect in a fair and balanced
way the amount of incentive received.
(4) A requirement that the applicant will pay back to the state the
incentive that has been received by the applicant if the applicant
moves or closes.

Legislative History

As added by P.L.110-2010, SEC.9. Amended by P.L.175-2013, SEC.3.