(A) The Clerk-Treasurer of the town is hereby directed to create within the funds for the town a new fund entitled the Economic Development Income Tax Fund, into which all distributions of monies collected through CEDIT are to be deposited and out of which all disbursements are to be made.
(B) Funds received by the Clerk-Treasurer and deposited into 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 under I.C. 6-3.5-7-14 for economic development projects;
(3) For leases under I.C. 6-3.5-7-21 or 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 non-profit 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) To the extent not otherwise allowed under I.C. 6-3.5-6-7, 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. 36-7.5-4-2; and/or
(13) For a regional venture capital fund established under I.C. 6-3.5-7-13.5 or a local venture capital fund established under I.C. 6-3.5-7-13.6.
(C) For the purposes of this section, an
ECONOMIC DEVELOPMENT PROJECT is deemed as any project that:
(1) The Town Council 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; and
(2) Involves an expenditure 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. 6-3.5-7-13(b)(2)(D);
(m) Operating expenses authorized under I.C. 6-3.5-7-13.1(b)(2)(E); or
(n) To the extent not otherwise allowed, substance removal or remedial action in a designated unit; or any combination of these.
(D) Funds deposited into and expensed from the Economic Development Income Tax Fund are hereby appropriated as: appropriation 218.00.123 CEDIT Revenue Appropriation 218.01.304 Consultants Appropriation 218.01.999 Non-Appropriated Expense.
(Ord. 041310A, passed - -2010)
Editor’s notes:
I.C. 6-3.5-6-7 was repealed by P.L. 243-2015, Sec. 1, effective January 1, 2017.
I.C. 6-3.5-7-13.1(b)(2)(E), I.C. 6-3.5-7-13.5, I.C. 6-3.5-7-13.6, I.C. 6-3.5-7-14 and I.C. 6-3.5-7-21 were repealed by P.L. 243-2015, Sec. 8, effective January 1, 2017.