Sec. 5. As used in this chapter, “industrial recovery site” means land on which a vacant plant having at least one hundred thousand (100,000) square feet of total floor space:

(1) exists as of the date an application is filed with the corporation under this chapter and was placed in service at least fifteen (15) years before the date on which an application is filed with the corporation under this chapter; or

Terms Used In Indiana Code 6-3.1-11-5

  • 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.
  • corporation: refers to the Indiana economic development corporation created under IC 5-28-3 unless the context clearly denotes otherwise. See Indiana Code 6-3.1-11-2.5
  • floor space: means the usable interior floor space of a building. See Indiana Code 6-3.1-11-4
  • placed in service: means that property is placed in a condition or state of readiness and availability for a specifically assigned function. See Indiana Code 6-3.1-11-8
  • plant: means a building or complex of buildings used, or designed and constructed for use, in production, manufacturing, fabrication, assembly, processing, refining, finishing, or warehousing of tangible personal property, whether the tangible personal property is or was for sale to third parties or for use by the owner in the owner's business. See Indiana Code 6-3.1-11-9
  • vacant: means with respect to a plant that at least seventy-five percent (75%) of the plant placed in service is not used to carry on production, manufacturing, assembly, processing, refining, finishing, or warehousing of tangible personal property. See Indiana Code 6-3.1-11-14
(2) existed within five (5) years before the date an application is filed with the corporation under this chapter and was placed in service at least fifteen (15) years before the date on which the demolition of the vacant plant was completed.

As added by P.L.379-1987(ss), SEC.11. Amended by P.L.204-2016, SEC.18.

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