Section 36-7-32.5-12 - Agreements; required provisions; conditions applicable to agreement for innovation development district located in existing allocation area; executive session; report(a) If the total costs and benefits of the proposed investment of an innovation development district are expected to be an amount less than two billion dollars ($2,000,000,000), the following apply:(1) The executive, or, if applicable, the executives, and the corporation shall enter into an agreement establishing the terms and conditions governing the innovation development district in accordance with this section.(2) If the executive, or, if applicable, the executives, and the corporation cannot enter into an agreement under subdivision (1), the designation of territory under section 9 of this chapter is no longer effective and the innovation development district may not be designated or otherwise established under this chapter.(b) The agreement must include the following provisions:(1) A description of the area, including a list of all parcels to be included within the innovation development district.(2) Covenants and restrictions, if any, upon all or a part of the properties contained within the innovation development district and terms of enforcement of any covenants or restrictions.(3) The due diligence and financial commitments of any party to the agreement and of any owner or developer of property within the innovation development district.(4) The financial projections of the innovation development district.(5) The proposed use of the: (B) incremental property tax amount described in section 14(c) of this chapter; that is captured within the innovation development district.
(6) The aggregate percentage of annual incremental property tax revenue that will be transferred to the city, town, county, or school corporation, or, if applicable, the cities, towns, counties, or school corporations, under section 19(e) of this chapter. The aggregate percentage transferred may not be less than twelve percent (12%) of the annual amount of incremental property tax revenue deposited in the local innovation development district fund established by section 19 of this chapter.(7) Subject to the limitations of this chapter, the duration of the designation of an area as an innovation development district.(8) The terms of enforcement of the agreement, which may include the definition of events of default, cure periods, legal and equitable remedies and rights, and penalties and damages, actual or liquidated, upon the occurrence of an event of default.(9) The public facilities to be developed for the innovation development district and the estimated costs of those public facilities.(c) If an innovation development district will include territory located in an existing allocation area described in section 10(b) of this chapter, the executive, or, if applicable, the executives, and the corporation shall enter into an agreement establishing the terms and conditions governing the innovation development district in accordance with this section. The agreement must include the following provisions:(1) The provisions listed in subsection (b)(1) through (b)(9).(2) A provision prohibiting the city, county, town, or other entity that established the applicable existing allocation area described in section 10(b) of this chapter from incurring any additional obligations that require a pledge of future incremental property tax revenue to be paid from the applicable existing allocation area described in section 10(b) of this chapter without first obtaining the consent of the corporation.(3) A provision requiring the maintenance of all applicable property tax records for the parcel or parcels located within the innovation development district during the term of the innovation development district. If the executive, or, if applicable, the executives, and the corporation cannot enter into an agreement under this subsection, the designation of territory under section 9 of this chapter is no longer effective and the innovation development district may not be designated or otherwise established under this chapter.
(d) An executive may discuss the terms of an agreement described in this section and hold a meeting as an executive session under IC 5-14-1.5-6.1 with: (1) in the case of a city other than a consolidated city, the common council;(2) in the case of a consolidated city, or a county having a consolidated city, the city-county council;(3) in the case of a town, the town council; and(4) in the case of a county that does not have a consolidated city, the board of county commissioners.(e) Within fifteen (15) days of entering into an agreement under subsection (a), the corporation shall submit a written report on the agreement to the budget committee.(f) Neither an executive nor the corporation may exercise the power of eminent domain within an innovation development district.Amended by P.L. 123-2024,SEC. 20, eff. 3/13/2024.Added by P.L. 135-2022,SEC. 28, eff. 7/1/2022.