Review of proposed project; preliminary certification
Sec. 2.5. (a) Within thirty (30) days after the adoption of the
ordinance under section 2 of this chapter, the fiscal body shall file
with the Indiana economic development corporation:
(1) a copy of the ordinance;
(2) a description of the proposed industrial development
program and qualified industrial development project; and
(3) other additional data and information that will enable the
corporation to determine preliminarily whether the unit may
qualify for a loan from the industrial development fund
established under IC 5-28-9.
(b) The Indiana economic development corporation shall review
the data and related information submitted under subsection (a) to
determine preliminarily whether:
(1) the proposed project will qualify as a qualified industrial
development project;
(2) there is a reasonable likelihood that the proposed qualified
industrial development project will be initiated and
accomplished; and
(3) there is a reasonable likelihood that an application by the
unit under IC 5-28-9-12 for a loan from the industrial
development fund to institute and administer the proposed
industrial development program will be approved by the
corporation and the state board of finance.
(c) If the Indiana economic development corporation preliminarily
determines under subsection (b) that the proposed project does not
or will not qualify as a qualified industrial development project or
that there is not a reasonable likelihood that a loan from the
industrial development fund will be approved under IC 5-28-9-12,
the corporation shall certify this determination in writing to the fiscal
body adopting the ordinance. Upon this certification, the ordinance
proposing to establish the economic development district is void.
(d) If the Indiana economic development corporation preliminarily
determines under subsection (b) that the proposed project qualifies
or will qualify as a qualified industrial development project and that
there is a reasonable likelihood that a loan from the industrial
development fund will be approved under IC 5-28-9-12, the
corporation shall certify this determination to the fiscal body
adopting the ordinance proposing to establish the economic
development district. Upon receipt of this certification, the fiscal
body shall proceed to take final action with respect to the ordinance
in accordance with section 3 of this chapter.
(e) A favorable preliminary certification under subsection (d) does
not, however, represent or constitute a final determination by the
Indiana economic development corporation and state board of
finance as to whether the unit will obtain a loan from the industrial
development fund in accordance with IC 5-28-9.
As added by P.L.24-1987, SEC.14. Amended by P.L.4-2005, SEC.44.
Last modified: May 28, 2006