Sec. 22. The corporation shall provide information on the innovation development district program in its economic incentive and compliance report submitted pursuant to IC 5-28-28-5, and to the budget committee, that includes the following:

(1) Metrics established by the corporation to evaluate the effectiveness of the innovation development district in promoting economic growth in the state.

Terms Used In Indiana Code 36-7-32.5-22

  • base assessed value: means the net assessed value of all the taxable real property that is assessed as commercial or industrial property under the rules of the department of local government finance, and taxable personal property, that is located in an innovation development district as finally determined for the assessment date immediately preceding the effective date of the designation by the corporation under section 9 of this chapter. See Indiana Code 36-7-32.5-1
  • corporation: refers to the Indiana economic development corporation established by IC 5-28-3-1. See Indiana Code 36-7-32.5-2
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • executive: means the following:

    Indiana Code 36-7-32.5-3

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • gross retail base period amount: means the aggregate amount of state gross retail and use taxes remitted under Indiana Code 36-7-32.5-4
  • income tax base period amount: means the aggregate amount of state adjusted gross income taxes paid:

    Indiana Code 36-7-32.5-6

  • 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
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) The number and amount of grants or loans from the statewide innovation development district fund established by section 20 of this chapter that are contractually awarded by the corporation for each innovation development district and in total for all innovation development districts statewide.

(3) The name of each entity receiving a grant or loan from the statewide innovation development district fund established by section 20 of this chapter for each innovation development district and for all innovation development districts statewide.

(4) The amount and name of each entity for which there is a unfunded obligation at the close of each state fiscal year.

(5) A report on each innovation development district designated under this chapter that includes a description of:

(A) the general boundaries of the innovation development district;

(B) the total acreage encompassed within the innovation development district;

(C) the base assessed value of the innovation development district;

(D) the gross retail base period amount determined for the innovation development district;

(E) the income tax base period amount determined for the innovation development district;

(F) the gross assessed value of all tangible real and personal property, without regard to any exemption granted by an executive or the corporation under section 15(b) of this chapter, that is:

(i) located within the innovation development district; and

(ii) in the case of real property, assessed as commercial or industrial property under the rules of the department of local government finance;

in each calendar year after the calendar year in which the innovation development district was designated;

(G) the amount of incremental property tax revenue deposited into the local innovation development district fund established by section 19 of this chapter in each state fiscal year after the state fiscal year in which the innovation development district was designated;

(H) the amount of incremental state gross retail and use tax revenue deposited into the local innovation development district fund established by section 19 of this chapter in each state fiscal year after the state fiscal year in which the innovation development district was designated;

(I) the amount of incremental state adjusted gross income tax revenue deposited into the local innovation development district fund established by section 19 of this chapter in each state fiscal year after the state fiscal year in which the innovation development district was designated;

(J) the amount of revenue deposited into the local innovation development district fund established by section 19 of this chapter that was transferred into the statewide innovation development district fund established under section 20 of this chapter in each state fiscal year after the state fiscal year in which the innovation development district was designated;

(K) the aggregate amount of bonds issued by the Indiana finance authority under IC 5-1.2-4-4(a)(2) to pay for projects within the innovation development district;

(L) the annual amount of debt service payments due on the bonds described in clause (K); and

(M) a description of all economic development incentives granted by the corporation to businesses located within the innovation development district.

As added by P.L.135-2022, SEC.28.

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