Statement of benefits; form; findings
Sec. 9. (a) An applicant must provide a completed statement of
benefits form to the designating body before the hearing required by
section 8(c)(3) of this chapter. The department of local government
finance shall prescribe a form for the statement of benefits. The
statement of benefits must include the following information:
(1) A description of the proposed investment.
(2) An estimate of the number of individuals who will be
employed or whose employment will be retained by the
applicant as a result of the investment and an estimate of the
annual salaries of these individuals.
(3) An estimate of the value of the investment.
(4) A certification by the applicant to the commission that,
subject to obtaining designation as a high impact business, the
applicant intends to:
(A) make a minimum investment of fifty million dollars
($50,000,000) in new product development and
manufacturing capacity for products to be manufactured in
the applicant's facilities located within the commission's
jurisdiction; and
(B) retain an aggregate employment level of at least one
thousand four hundred (1,400) full-time jobs in the
applicant's facilities located within the commission's
jurisdiction for at least twenty (20) years after the date of the
designation of the applicant's business as a high impact
business.
With the approval of the designating body, the statement of benefits
may be incorporated in a designation application. Notwithstanding
any other law, a statement of benefits is a public record that may be
inspected and copied under IC 5-14-3-3.
(b) The designating body must review the statement of benefits
required under subsection (a). The designating body shall determine
whether a business should be designated as a high impact business
and whether a property tax credit should be allowed under this
chapter after making the following findings at a public hearing:
(1) Whether the estimate of the value of the investment is
reasonable for projects of that nature.
(2) Whether:
(A) the employment of the estimated number of individuals;
or
(B) the retention of the estimated number of employees;
can reasonably be expected to result from the proposed
investment.
(3) Whether the annual salaries estimated for the individuals
and employees referred to in subdivision (2) can reasonably be
expected to result from the proposed investment.
(4) Whether any other benefits about which information was
requested can reasonably be expected to result from the
proposed investment.
(5) Whether the totality of benefits is sufficient to justify the
property tax credit.
A designating body may not designate a high impact business or
approve a property tax credit unless the findings required by this
subsection are made in the affirmative.
As added by P.L.146-2002, SEC.1.
Last modified: May 28, 2006