(A) Revolving Fund. There is hereby created the "City of New Haven Economic Development Revolving Fund", pursuant to I.C. 5-1-14-14(b).
(Prior Code, § 33.150)
(B) Use of Fund.
(1) The city may lend the money in the Revolving Fund to any borrower if the Common Council finds that the loan will be used by the borrower for one or more of the following economic development purposes:
(a) Promoting significant opportunities for the gainful employment of the county's or municipality's residents;
(b) Attracting a major new business enterprise to the city; and
(c) Retaining or expanding a significant business enterprise in the city.
(2) Activities that may be undertaken by the borrower in carrying out an economic development purpose include expenditures for any of the following:
(a) Acquisition of land;
(b) Acquisition of property interests;
(c) Site improvements;
(d) Infrastructure improvements;
(e) Buildings;
(f) Structures;
(g) Rehabilitation, renovation or enlargement of buildings or structures;
(h) Machinery;
(i) Equipment; and
(j) Furnishings.
(Prior Code, § 33.151)
(C) Terms and conditions of loan. A resolution of the Common Council approving a loan from the Revolving Fund must contain the following:
(1) The term of the loan;
(2) The interest rate;
(3) The form of the note or notes;
(4) The medium of payment;
(5) The place and manner of payment;
(6) The manner of execution of the note or notes;
(7) The terms of redemption; and
(8) Any other provisions not inconsistent with this section.
(Prior Code, § 33.152)
(D) Issuance of bonds. The city may issue bonds pursuant to I.C. 36-9-32-7(b) through 36-9-32-7(j) for the economic development purposes listed in division (B) above and may repay the indebtedness solely from revenues derived from the repayment of loans made pursuant to divisions (B) and (C) above.
(Prior Code, § 33.153)
(E) Transfer to CEDIT Fund. Money in the Revolving Fund may at any time be transferred in whole or in part to the city's Economic Development Income Tax Fund.
(Prior Code, § 33.154) (Ord. G-03-14, passed 6-24-2003; Ord. G-03-28, passed 12-23-2003; Ord. G-20-12, passed 10-6-2020)