Indiana § 6-3.6-10-4 Lease of property for economic development projects; procedures;
public hearing; findings; sale of leased facility under option to buy

Indiana Statutes

§ 6-3.6-10-4 — Lease of property for economic development projects; procedures; public hearing; findings; sale of leased facility under option to buy

Indiana § 6-3.6-10-4

Art. 3.6LOCAL INCOME TAXES

Ch. 10Permitted Expenditures

This text of Indiana § 6-3.6-10-4 (Lease of property for economic development projects; procedures; public hearing; findings; sale of leased facility under option to buy) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 6-3.6-10-4 (2026).

Text

(a)A county, city, or town may enter into a lease with a leasing body (as defined in IC 5-1-1-1) of any property that could be financed with the proceeds of bonds issued under this chapter with a lessor for a term not to exceed fifty (50) years, and the lease may provide for payments from revenues described in section 2 of this chapter, any other revenue available to the unit, or any combination of these sources.

(b)A lease may provide that payments by the unit to the lessor are required only to the extent and only for the period that the lessor is able to provide the leased facilities in accordance with the lease. The terms of each lease must be based upon the value of the facilities leased and may not create a debt of the unit for purposes of the Constitution of the State of Indiana. (

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(a) A county, city, or town may enter into a
lease with a leasing body (as defined in IC 5-1-1-1) of any property that
could be financed with the proceeds of bonds issued under this chapter
with a lessor for a term not to exceed fifty (50) years, and the lease may
provide for payments from revenues described in section 2 of this
chapter, any other revenue available to the unit, or any combination of
these sources.
(b) A lease may provide that payments by the unit to the lessor are
required only to the extent and only for the period that the lessor is able
to provide the leased facilities in accordance with the lease. The terms
of each lease must be based upon the value of the facilities leased and
may not create a debt of the unit for purposes of the Constitution of the
State of Indiana.
(c) A lease may be entered into by the executive of the unit only
after a public hearing at which all interested parties are provided the
opportunity to be heard. After the public hearing, the executive may
approve the execution of the lease on behalf of the unit if the executive
finds that the service to be provided throughout the term of the lease
will serve the public purpose of the unit and is in the best interests of
its residents. Any lease approved by the executive must also be
approved by an ordinance of the fiscal body of the unit.
(d) Upon execution of a lease providing for payments by the unit in
whole or in part from revenues described in section 2 of this chapter
and upon approval of the lease by the unit's fiscal body, the executive
of the unit shall publish notice of the execution of the lease and its
approval in accordance with IC 5-3-1.
(e) Except as provided in this section, no approvals of any
governmental body or agency are required before the unit enters into
a lease under this section.
(f) An action to contest the validity of the lease under this section or
to enjoin the performance of any of its terms and conditions must be
brought within thirty (30) days after the publication of the notice of the
execution and approval of the lease.
(g) If a unit exercises an option to buy a leased facility from a lessor,
the unit may subsequently sell the leased facility, without regard to any
other statute, to the lessor at the end of the lease term at a price set
forth in the lease or at fair market value established at the time of the
sale by the executive of the unit through auction, appraisal, or arms
length negotiation. If the facility is sold at auction, after appraisal, or
through negotiation, the unit shall conduct a hearing after public notice
in accordance with IC 5-3-1 before the sale. Any action to contest the
sale must be brought within fifteen (15) days of the hearing.