(A) At the discretion of the LaPorte County Council with input from local jurisdictions, the Council may elect to assist with economic development projects by utilizing the LaPorte County Economic Development Fund. The purpose of the fund is to promote significant opportunities for gainful employment of its citizens and retain or expand a significant advanced manufacturing and/or twenty-first century logistics business enterprise within the county.
(B) In order to qualify for the use of such funds, the following conditions must be met:
(1) Eligibility criteria.
(a) The business must exist in LaPorte County or intend to relocate in LaPorte County;
(b) The business must be in good standing with all overlapping taxing districts and have no outstanding tax delinquencies.
(2) Employment.
(a) Job retention of a minimum of 45 existing, and/or
(b) Job creation of a minimum of 100 new jobs.
(3) Other incentives requirement. The local jurisdictions involved with the company, either the county or local municipality, must have pledged the incentives offered under one or more of the following:
(a) Enterprise zone program: I.C. 6-3-3-10, 6-3.1-7 and 6-3.1-10.
(b) Property tax abatement: I.C. 6-1.1-12.1.
(c) Tax increment financing: I.C. 36-7-14.
(d) Other local incentives, grants and/or loans.
(C) Additionally, in combination with commitments from the local jurisdictions, the State of Indiana by and through the Department of Commerce must have an active incentive offer extended to the expanding LaPorte County business. The offer must include an Economic Development for a Growing Economy Tax Credit under I.C. 6-3.1-13.
(D) The company must agree to remain in operation for the duration and at the number of employees and wages level as determined in the Indiana Department of Commerce's Economic Development for Growing Economic Tax Credit calculations and must comply LaPorte County common construction scale of wages as determined by the LaPorte County Council and appropriate commissions.
(E) LaPorte County may require additional criteria to encourage or to increase economic development or business activity within LaPorte County.
(Res. 2004-06, passed 6-28-04)