(A) The Port Authority of the city shall foster and encourage the participation of private enterprise in the development of the port, marina, and other related facilities within the jurisdiction of the Authority to the fullest extent it deems practicable in the interest of limiting the necessity of construction and operation of the facilities by the Port Authority. In this respect, the Port Authority may, upon its own motion or upon the written request of any other party, advertise and solicit for the construction, operation, and/or maintenance of any facility included in the development plan in accordance with plans, specifications, and regulations therefor prepared by the Board of Directors.
(B) It is further provided that in the event the Board of Directors deems it advisable and practicable, the Board may cause certain facilities included in the development plan to be installed by private enterprise and leased back to the Port Authority on an installment contract or option to purchase basis. The exercise of any power granted to the Port Authority under the provisions of this section shall be consummated and regulated in accordance with the following provisions:
(1) Contracts for the creation, construction, alteration, or repair of any building, structure, or other improvement undertaken by a port authority created in accordance with this chapter shall be let in accordance with I.C. 36-1-12 or any equivalent enactment of future legislation by the state;
(2) No lease or sale of any lands or properties shall be made by the Port Authority unless notice calling for bids for the same shall have been given by publication as provided by this chapter or by its enabling legislation of the state. No lease or sale shall be made, except to the highest and best bidder;
(3) In the case of any lease or sale of land by the Port Authority, specifications for the bids for the lease or sale shall be in a form and detail as shall be determined by the Port Authority; and
(4) Leases for buildings, structures, or other improvements undertaken by the Port Authority shall be for a reasonable term only, but not for a period in excess of ten years. However, where the lessee proposes to make capital improvements to real estate or facilities of the Port Authority for the purpose of enhancing the facility or services to be provided to industry, commerce, or the public, the Board of Directors of the Authority may grant a lease for a longer term as is reasonable to induce the investment.
(Prior Code, § 44.14) (Ord. 0-99-0027, passed 12-20-1999)