(A) The Clerk-Treasurer is hereby directed and authorized to establish and maintain a fund entitled the “Economic Development Income Tax Fund”, into which all funds received by the city from the local income tax (LIT) and the economic development income tax (EDIT) are to be deposited and out of which disbursements shall be made in accordance with this subchapter.
(B) Funds held in the Economic Development Income Tax Fund may be used for the following purposes:
(1) For paying, notwithstanding any other law, under a written agreement, all or a part of the interest owed by a private developer or user on a loan extended by a financial institution or other lender to the developer or user if the proceeds of the loan are to be used to finance an economic development project;
(2) For the retirement of bonds for economic development projects;
(3) For leases or bonds entered into or issued prior to the date the economic development income tax was imposed if the purpose of the lease or bonds would have qualified as a purpose at the time the lease was entered into or the bonds were issued;
(4) The construction or acquisition of, or remedial action with respect to, a capital project for which the unit 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;
(5) The retirement of bonds issued under any provision of state law for a capital project;
(6) The payment of lease rentals under statute for a capital project;
(7) Contract payments to a nonprofit corporation whose primary corporate purpose is to assist government in planning and implementing economic development projects;
(8) Operating expenses of a governmental entity that plans or implements economic development projects;
(9) Funding substance removal or remedial action in a designated unit;
(10) Funding of a revolving fund established under I.C. 5-1-14-14;
(11) For any lawful purpose for which money in any of its other funds may be used;
(12) For making transfers required by I.C. 36-7.5-4-12; and
(13) For a regional venture capital fund established under this chapter or a local venture capital fund established under I.C. 6-3.6-10.
(C) For the purposes of this section, an economic development project is defined as any project that:
(1) The city determines will:
(a) Promote significant opportunities for the gainful employment of its citizens;
(b) Attract a major new business enterprise to the unit; or
(c) Retain or expand a significant business enterprise within the unit.
(2) Involves expenditures for:
(a) The acquisition of land;
(b) Interests in land;
(c) Site improvements;
(d) Infrastructure improvements;
(e) Buildings;
(f) Structures;
(g) Rehabilitation, renovation, and enlargement of buildings and structures;
(h) Machinery;
(i) Equipment;
(j) Furnishings;
(k) Facilities;
(l) Administrative expenses associated with such a project, including contract payments authorized under I.C. 6-3.5-1.1-11;
(m) Operating expenses authorized under I.C. 6-3.6-10; or
(n) To the extent not otherwise allowed, substance removal or remedial action in a designated unit, or any combination of these.
(Ord. 2010-3, passed 2-10-2010)