Sec. 34. (a) A lease from the authority to the commission under section 32 of this chapter shall give the commission an option to purchase the leased property before the expiration of the term of the lease:
(1) on the date or dates in each year that are fixed by the lease; and
(2) at a price to be computed by a method set forth in the lease.
However, such a lease may not provide, or be construed to provide, that the commission is under an obligation to purchase the leased structures or improvements or is under an obligation respecting any creditors or bondholders of the authority.
(b) If the commission does not exercise the option to purchase the property, then upon the expiration of the lease and upon full performance by the commission, the property becomes the absolute property of the commission or the authority's leasehold interest in such property terminates, as applicable. The authority shall take the steps necessary to convey title or such leasehold interest to the commission.
(c) If the commission purchases the leased property as provided in subsection (a) or in the event described in subsection (b), the commission may convey, with or without consideration, its ownership or leasehold interest, as applicable, in such property to the owner or owners of the qualified motorsports facility. However, the commission shall not convey its ownership or leasehold interest in any such property to the owner or owners of the qualified motorsports facility until:
(1) the date on which the aggregate amount of credits provided to the owner or owners of the qualified motorsports facility under IC 4-10-23 equals or exceeds the aggregate of the amount of money appropriated to the commission and used to pay rent by the commission to the authority under any lease entered into between the authority and the commission under this chapter and any expenses that are incurred by the authority or the commission under this chapter and are not paid out of such rent; and
(2) all bonds issued by the authority under section 37 of this chapter are no longer deemed outstanding.
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