Indiana Code 36-7-14-2.5. Economic development areas; public functions, uses, and purposes; approvals; liberal construction
(1) are public and governmental functions that cannot be accomplished through the ordinary operations of private enterprise because of:
Terms Used In Indiana Code 36-7-14-2.5
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(B) the costs of these projects;
(2) will:
(A) benefit the public health, safety, morals, and welfare;
(B) increase the economic well-being of the unit and the state; and
(C) serve to protect and increase property values in the unit and the state; and
(3) are public uses and purposes for which public money may be spent and private property may be acquired.
(b) This section and sections 41 and 43 of this chapter shall be liberally construed to carry out the purposes of this section.
(c) Except as provided in subsection (d), a redevelopment commission may not enter into any obligation payable from public funds without first obtaining the approval, by ordinance or resolution, of the legislative body of the unit.
(d) A redevelopment commission is not required to obtain the approval of the legislative body of the unit under this section if:
(1) the obligation is for the acquisition of real property under this chapter; and
(2) the agreement to acquire the real property requires the redevelopment commission to:
(A) make payments for the real property to be acquired for a term of three (3) years or less; or
(B) purchase the real property for a cost of less than five million dollars ($5,000,000).
A redevelopment commission may not enter into an obligation payable from public funds, other than an obligation described in this subsection, unless the redevelopment commission first obtains the approval of the legislative body of the unit as provided in subsection (c).
(e) The approving ordinance or resolution of a legislative body under subsection (c) must include the following:
(1) The maximum amount of the obligation.
(2) The maximum interest rate or rates, any provisions for redemption before maturity, and any provisions for the payment of capitalized interest associated with the obligation.
(3) The maximum term of the obligation.
As added by P.L.380-1987(ss), SEC.8; P.L.393-1987(ss), SEC.2. Amended by P.L.192-1988, SEC.1; P.L.221-2007, SEC.30; P.L.149-2014, SEC.2.