Indiana Code 36-7-31-14.1. Marion County allocation of additional revenue to professional sports development area fund
(b) The budget director’s determination must specify that the termination date of the tax area for purposes of the collection of the additional revenue for the professional sports development area fund is extended to not later than January 1, 2041.
Terms Used In Indiana Code 36-7-31-14.1
- capital improvement board: refers to the capital improvement board of managers established by IC 36-10-9-3. See Indiana Code 36-7-31-4
- 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
- tax area: means a geographic area established by a commission as a professional sports development area under section 14 of this chapter. See Indiana Code 36-7-31-8
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(d) The additional revenue captured pursuant to a determination under subsection (a) shall be distributed to the capital improvement board or its designee. So long as there are any current or future obligations owed by the capital improvement board to the Indiana stadium and convention building authority created by IC 5-1-17 or any state agency under a lease or another agreement entered into between the capital improvement board and the Indiana stadium and convention building authority or any state agency under IC 5-1-17-26, the capital improvement board or its designee shall deposit the additional revenue received under this subsection in a special fund, which may be used only for the payment of the obligations described in this subsection.
As added by P.L.214-2005, SEC.69. Amended by P.L.120-2006, SEC.6; P.L.182-2009(ss), SEC.413; P.L.109-2019, SEC.13.