(1) Marion County and municipalities located in Marion County face unique and distinct challenges and opportunities related to economic development issues associated with the construction of facilities that would host professional soccer and other sporting and entertainment events in the city.

(3) The powers and responsibilities provided to Marion County, the city, the facilities authority, and the capital improvement board by this chapter are appropriate and necessary to carry out the public purposes of encouraging and fostering economic development in central Indiana and constructing facilities that would host professional soccer and other sporting and entertainment events in the city.

(4) Encouragement of economic development in central Indiana will:

(A) generate significant economic activity, which may attract new businesses and encourage existing businesses to remain or expand in central Indiana;

(B) promote central Indiana to residents outside Indiana, which may attract residents outside Indiana and new businesses to relocate to central Indiana;

(C) protect and increase state and local tax revenues; and

(D) encourage overall economic growth in central Indiana and in Indiana.

     (b) Marion County faces unique challenges in the development of infrastructure and other facilities necessary to promote economic development:

(1) as a result of its need to rely on sources of revenue other than property taxes;

(2) due to the large number of tax exempt properties located in Marion County;

(3) because the city is the seat of state government and Marion County government; and

(4) because Marion County is home to multiple institutions of higher education and the site of numerous state and regional nonprofit corporations.

     (c) Economic development benefits the health and welfare of the people of Indiana, is a public use and purpose for which public money may be spent, and is of public utility and benefit.

As added by P.L.109-2019, SEC.16.