Sec. 24. (a) The commission may, after a public hearing, adopt a resolution establishing a motorsports investment district. Notice of the public hearing must be provided in accordance with IC 5-3-1.
(b) In establishing the motorsports investment district, the commission must make the following findings:
(1) There are improvements that will be undertaken in the motorsports investment district that will have a positive effect on the activities of a qualified motorsports facility.
(2) The improvements that will be undertaken in the motorsports investment district will benefit the public health and welfare and will be of public utility and benefit.
(3) The improvements that will be undertaken in the motorsports investment district will protect or increase state and local tax bases and tax revenues.
(c) A motorsports investment district consists of:
(1) the geographic area that is included within the qualified motorsports facility;
(2) adjacent property that is:
(A) related to the operation of the qualified motorsports facility; and
(B) owned by the owner of the qualified motorsports facility or a subsidiary or affiliate of the qualified motorsports facility;
(3) property on which activities related to the qualified motorsports facility occur; and
(4) other public property specified by the commission;
as determined in the resolution adopted by the commission.
As added by P.L.233-2013, SEC.5.
Structure Indiana Code
Title 5. State and Local Administration
Article 1. Bonds and Other Obligations
Chapter 17.5. Motorsports Investment District
5-1-17.5-1. Legislative Findings
5-1-17.5-8. "Budget Committee"
5-1-17.5-11. "Motorsports Investment District"
5-1-17.5-13. "Political Subdivision"
5-1-17.5-14. "Qualified Motorsports Facility"
5-1-17.5-15. Commission Established; Purpose
5-1-17.5-16. Board of Directors of the Commission
5-1-17.5-17. Powers of the Commission
5-1-17.5-18. Staff Support and Expenses; Employees
5-1-17.5-19. Surety Bonds of Directors
5-1-17.5-20. Personal Liability of Directors
5-1-17.5-23. Director's Interest in Contracts or in Sale or Lease of Property Prohibited
5-1-17.5-25. Allocation of Amounts Appropriated to the Commission; Expiration Date of District
5-1-17.5-26. Filing of Informational Tax Returns by Certain Taxpayers; Guidelines
5-1-17.5-27. Submission to the Budget Agency of Resolution Establishing District
5-1-17.5-29. Information to Be Provided to Department of State Revenue
5-1-17.5-31. Powers of Indiana Finance Authority
5-1-17.5-32. Lease of Structures and Improvements; Requirements
5-1-17.5-33. Option to Renew Lease
5-1-17.5-34. Option to Purchase Leased Property; Conveyance of Property; Requirements
5-1-17.5-35. Authorization and Execution of Leases by Commission Board of Directors
5-1-17.5-37. Issuance of Bonds; Terms and Conditions; Use of Bond Proceeds
5-1-17.5-39. Securing of Bonds; Trust Indenture; Validity of Pledge or Assignment
5-1-17.5-40. Action to Contest Validity of Bonds
5-1-17.5-41. Equal Opportunities in Procurement and Contracting
5-1-17.5-42. Income Tax Withholding; Department of State Revenue Guidelines