(A) Purpose. Indiana Code 6-3.5-7 requires the adoption of a Capital Improvement Plan (“Plan”) by the Clear Lake Town Council before the Clear Lake Town Council may receive its certified distribution of revenues from the County Economic Development Income Tax (CEDIT). The plan must specify the uses for which Clear Lake proposes to use CEDIT revenues. This Plan covers a period beginning January 1, 2013 and ending December 31, 2016.
(B) Use of credit revenues. Indiana Code 6-3.5-7-13.1 provides that CEDIT revenues may be used for the following:
(1) Economic development projects;
(2) Construction or acquisition of or remedial action, with respect to, a capital project for which the town is empowered to issue general obligation bonds or establish a fund under any statute listed in I.C. 6-1.1-18.5-9.8;
(3) Retirement of bonds issued under any provision of Indiana law for a capital project;
(4) Payment of lease rentals under any statute for a capital project;
(5) Contract payments to a non-profit corporation whose primary corporate purpose is to assist government in planning and implementing economic development projects; and
(6) Operating expenses of a governmental entity that plans or implements economic development projects.
(C) (1) Project descriptions.
(a) Roads. Town will engage in projects involving repair, resurfacing, and upgrading roads. All CEDIT revenues received by the town over and above the annual contribution to the Steuben County Economic Development Corporation shall be used for this purpose.
(b) Steuben County Economic Development Corporation. The town will contribute a portion of the CEDIT revenues to the Steuben County Economic Development Corporation, which shall be based upon the pro-rata share of expenses due from the town.
(2) In accordance with I.C. 6-3.5-7-15, the Plan incorporates projects, the cost of which is at least 75% of the certified distribution the town expects to receive during the term of the Plan.
(D) Planning, development, and construction schedules.
(1) Roads. This project is a continuing one and shall be implemented immediately. The projects shall be selected on a yearly basis given the costs of the various projects and the revenue received.
(2) Non-profit corporations. This project is currently implemented and shall be ongoing on an annual basis.
(Ord. 2010-11, passed 12-13-10; Am. Ord. 2012-08, passed 12-10-12)