Sec. 23. (a) The development authority or redevelopment commission may undertake or provide funding for a development project that will be located within a district.

     (b) The development authority or redevelopment commission may use money in its south shore improvement and development fund to provide funding and pay costs for a development project, including in the form of financing for a development project. If financing is used for a development project the obligation must be satisfied before the expiration of this chapter. Costs may be incurred for one (1) or more of the following:

(1) Planning and development of the improvement and all buildings, facilities, structures, and improvements related to the improvement.

(2) Acquisition of a site and clearing and preparing the site for construction.

(3) Equipment, facilities, structures, and improvements that are necessary or desirable to make the capital improvement suitable for use and operations.

(4) Architectural, engineering, consultant, and attorney‘s fees.

(5) Incidental expenses in connection with the issuance and sale of bonds.

(6) Reserves for principal and interest.

(7) Interest during construction.

(8) Financial advisory fees.

(9) Insurance during construction.

(10) Bond insurance, debt service reserve insurance, letters of credit, or other credit enhancement.

(11) In the case of refunding or refinancing, payment of the principal of, redemption premiums (if any) for, and interest on the bonds being refunded or refinanced.

     (c) To use money in its south shore improvement and development fund for a development project, the development authority or redevelopment commission must adopt a resolution under IC 36-7.5-3 setting forth the development authority’s or redevelopment commission’s approval of the development project.

As added by P.L.248-2017, SEC.10.