(A) Creation. There is hereby created the Town Economic Development Commission to carry out the provisions as set forth below and as enacted by the General Assembly of the state in the Promotion of Economic Development Act and as may be amended from time to time (I.C. 18-6-4.5-1 et seq.).
(2005 Code, § 21.01)
(B) Purpose. The purpose of said Commission shall be to investigate, study and survey the need for job opportunities, industrial diversification and economic stability, development and general welfare of the Town, and to carry out the duties and powers as set forth in the Act.
(2005 Code, § 21.02)
(C) Members. The members of said Commission shall be appointed and shall perform the duties and exercise the powers all as set forth in the Act.
(2005 Code, § 21.03)
(D) Economic Development Fund. There is hereby created a separate Economic Development Fund into which contributions may be deposited by various individuals, corporations or groups, to be used for economic development purposes. The Town Council shall also review and approve a budget for economic development, including the salary of the Director, and may allocate tax or utility revenues to the Economic Development Fund.
(2005 Code, § 21.04)
(E) Director of Economic Development. There is hereby created the position of Director of Economic Development who shall be responsible for coordinating efforts to promote and plan economic development in the Town. The Director shall be subject to the supervision and direction of the Town Council.
(2005 Code, § 21.05)
(F) Tax Increment Financing (TIF).
(1) There is hereby established an Tax Increment Financing Fund to be funded with such funds as the Town Council shall appropriate, transfer or receive as grants and gifts. The purpose of the Fund is to segregate funds for the Town to make capital improvements in the TIF district.
(2) Eligible businesses are those permitted by the zoning ordinances in commercial and industrial districts, located in areas zoned for those uses and within the boundaries of the Town.
(3) The Walkerton Redevelopment Commission (“Commission”) shall administer the Fund assisted by two non-voting designated representatives. One from the Walkerton Area Economic Development Corp. and five appointed by the Town Council as vacancies occur.
(4) The interest rates and terms of any loans are to be established by the Town Council at the time of the loan negotiation. Rates are not to be less than 3% below the current prime rate. All loans shall have a minimum ratio of 2:1 of conventional funds to those from this Fund. A report shall be made to the Town Council before such loans are submitted for final approval. These reports and all loan documents shall be in a file maintained by the Town Clerk-Treasurer.
(5) Loan proceeds may be applied to capital costs associated with the purchase, construction or expansion of industrial or commercial real estate, building, purchase of equipment, machinery, supplies or materials.
(6) Eligibility of any applicant shall be determined by the Commission. They shall make all evaluations of the assets of any borrower and of its ability to repay loan(s). To further the purpose of the fund, the Commission is encouraged to prudently assume greater risk than that which normally might be taken by regulated lenders. Collateral shall be pledged for any loan.
(7) The borrower may not relocate the funded business activity outside the corporate boundary limits of the Town, or the loan shall become immediately due and payable.
(2005 Code, § 21.10)
(Ord. 4-1994, passed - -1994)