§ 6-1.1-39-2.5 — Review of proposed project; preliminary certification

Indiana § 6-1.1-39-2.5

• Jurisdiction: Indiana
• Art. 1.1: PROPERTY TAXES
• Ch. 39: Economic Development Districts

Text

5. (a) Within thirty (30) days after the
adoption of the ordinance under section 2 of this chapter, the fiscal
body shall file with the Indiana economic development corporation:
(1) a copy of the ordinance;
(2) a description of the proposed industrial development program
and qualified industrial development project; and
(3) other additional data and information that will enable the
corporation to determine preliminarily whether the unit may
qualify for a loan from the industrial development fund
established under IC 5-28-9.
(b) The Indiana economic development corporation shall review the
data and related information submitted under subsection (a) to
determine preliminarily whether:
(1) the proposed project will qualify as a qualified industrial
development project;
(2) there is a reasonable likelihood that the proposed qualified
industrial development project will be initiated and accomplished;
and
(3) there is a reasonable likelihood that an application by the unit
under IC 5-28-9-12 for a loan from the industrial development
fund to institute and administer the proposed industrial
development program will be approved by the corporation and the
state board of finance.
(c) If the Indiana economic development corporation preliminarily
determines under subsection (b) that the proposed project does not or
will not qualify as a qualified industrial development project or that
there is not a reasonable likelihood that a loan from the industrial
development fund will be approved under IC 5-28-9-12, the
corporation shall certify this determination in writing to the fiscal body
adopting the ordinance. Upon this certification, the ordinance
proposing to establish the economic development district is void.
(d) If the Indiana economic development corporation preliminarily
determines under subsection (b) that the proposed project qualifies or
will qualify as a qualified industrial development project and that there
is a reasonable likelihood that a loan from the industrial development
fund will be approved under IC 5-28-9-12, the corporation shall certify
this determination to the fiscal body adopting the ordinance proposing
to establish the economic development district. Upon receipt of this
certification, the fiscal body shall proceed to take final action with
respect to the ordinance in accordance with section 3 of this chapter.
(e) A favorable preliminary certification under subsection (d) does
not, however, represent or constitute a final determination by the
Indiana economic development corporation and state board of finance
as to whether the unit will obtain a loan from the industrial
development fund in accordance with IC 5-28-9.

Legislative History

As added by P.L.24-1987, SEC.14. Amended by P.L.4-2005, SEC.44.