Sec. 13. (a) If the Indiana economic development corporation determines that a sale price or rental value at below market rate will assist in increasing employment or private investment in a certified technology park, the redevelopment commission and the legislative body of the unit may determine the sale price or rental value for public facilities owned or developed by the redevelopment commission and the unit in the certified technology park at below market rate.
(b) If public facilities developed under an agreement entered into under this chapter are conveyed or leased at less than fair market value or at below market rates, the terms of the conveyance or lease shall include legal and equitable remedies and rights to assure that the public facilities are used for high technology activities or as a business incubator. Legal and equitable remedies and rights may include penalties and actual or liquidated damages.
As added by P.L.192-2002(ss), SEC.187. Amended by P.L.4-2005, SEC.146.
Structure Indiana Code
Article 7. Planning and Development
Chapter 32. Certified Technology Parks
36-7-32-1. Units Authorized to Establish Certified Technology Parks
36-7-32-2. Application of Definitions in Ic 36-7
36-7-32-3. Application of Definitions in Ic 6-1.1
36-7-32-4. "Base Assessed Value"
36-7-32-5. "Business Incubator"
36-7-32-6. "Gross Retail Base Period Amount"
36-7-32-6.5. "Gross Retail Incremental Amount"
36-7-32-7. "High Technology Activity"
36-7-32-8. "Income Tax Base Period Amount"
36-7-32-8.5. "Income Tax Incremental Amount"
36-7-32-9. "Public Facilities"
36-7-32-11. Designation; Recertification; Indiana Economic Development Corporation; Criteria
36-7-32-11.5. Submission of Proposed Designations to the Budget Committee and the Budget Agency
36-7-32-12. Agreements; Governing Certified Technology Parks
36-7-32-13. Authority; Sale Price or Rental Value of Public Facilities Below Market Value
36-7-32-14. Marketing Responsibilities; Indiana Economic Development Corporation
36-7-32-15. Designation as Allocation Area; Remonstrance
36-7-32-16. Appeals; Remonstrance
36-7-32-17. Allocation and Distribution of Property Taxes
36-7-32-19. Rules and Forms; Adjustment of Base Assessed Value
36-7-32-20. Notification to Department of State Revenue; Computation of Gross Retail Base Revenue
36-7-32-22. Incremental Tax Financing Fund; Deposits; Distributions
36-7-32-25. Declaration; Public Purpose
36-7-32-26. Written Agreement for Joint Economic Development Projects
36-7-32-27. Terms of Written Agreement for Joint Economic Development Project