Indiana Code 14-19-1-3. Lease of property
(b) A lease described in subsection (a) does not take effect unless all of the following conditions have been met:
Terms Used In Indiana Code 14-19-1-3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(2) The prospective lessee is required, as a condition of the lease, to make a capital investment in the property of at least two hundred thousand dollars ($200,000).
(3) The investment referred to in subdivision (2) is in real property and not in personal property.
(4) Under the terms of the lease, improvements made to the property by the lessee through capital investment will become the property of the state when the lease expires.
(c) Before the commission may approve a lease under subsection (b)(1), the prospective lessee must submit to the commission a statement of Indiana economic impact that includes the following information relating to the proposed lease and the capital investment that would be required as a condition of the lease under subsection (b)(2):
(1) The estimated average wages and benefits to be paid to the projected new permanent employees whose jobs would be created through the capital investment.
(2) The estimated total amount to be expended by the prospective lessee in making the capital investment.
(3) The estimated total amount to be paid by the prospective lessee to companies that:
(A) are organized under Indiana law; and
(B) would be involved in the construction activity that would implement the capital investment.
(4) The estimated total wages and benefits that would be paid, during the construction activity that would implement the capital investment, to Indiana residents employed by companies that would be involved in the construction activity.
(5) The projected economic activity for:
(A) subcontracting companies organized under Indiana law;
(B) supply companies organized under Indiana law; and
(C) other companies organized under Indiana law;
that would result from the capital investment.
(d) In deciding whether to approve a lease under subsection (b)(1), the commission shall consider whether the proposed term of the lease is longer than the period within which the prospective lessee can reasonably be expected to recover the capital investment in the property that would be required as a condition of the lease under subsection (b)(2).
[Pre-1995 Recodification Citation: 14-6-2-1.5.]
As added by P.L.1-1995, SEC.12.