Sec. 14. (a) The commission may lease for a nominal lease rental, or sell to the authority, one (1) or more local public improvements or portions thereof or land upon which a local public improvement is located or is to be constructed.

     (b) Any lease of all or a portion of a local public improvement by the commission to the authority must be for a term equal to the term of the lease of that local public improvement back to the redevelopment commission.

Terms Used In Indiana Code 36-7-15.3-14

  • authority: refers to the county convention and recreational facilities authority established by Indiana Code 36-7-15.3-2
  • bonds: means bonds, notes, or other evidence of indebtedness issued by the authority. See Indiana Code 36-7-15.3-4
  • commission: refers to a redevelopment commission established under Indiana Code 36-7-15.3-5
  • 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
  • local public improvement: means any redevelopment project or purpose of a commission or a unit under Indiana Code 36-7-15.3-6
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
     (c) The commission may sell property to the authority for such amount as it determines to be in the best interest of the commission, which amount may be paid from the proceeds of bonds of the authority.

As added by P.L.84-1987, SEC.14.

  Previous section
Next section  
 Chapter 15.3 Contents