Designation of unit area as district; adoption of declaratory
ordinance
Sec. 2. (a) If the fiscal body of a unit finds that:
(1) in order to promote opportunities for the gainful
employment of its citizens, the attraction of a new business
enterprise to the unit, the retention or expansion of a business
enterprise existing within the boundaries of the unit, or the
preservation or enhancement of the tax base of the unit, an area
under the fiscal body's jurisdiction should be declared an
economic development district;
(2) the public health and welfare of the unit will be benefited by
designating the area as an economic development district; and
(3) there has been proposed a qualified industrial development
project to be located in the economic development district, with
the proposal supported by:
(A) financial and economic data; and
(B) preliminary commitments by business enterprises,
associations, state or federal governmental units, or similar
entities that evidence a reasonable likelihood that the
proposed qualified industrial development project will be
initiated and accomplished;
the fiscal body may on or before the adoption deadline determined
under subsection (c), adopt an ordinance declaring the area to be an
economic development district and declaring that the public health
and welfare of the unit will be benefited by the designation.
(b) For the purpose of adopting an ordinance under subsection (a),
it is sufficient to describe the boundaries of the area by its location
in relation to public ways or streams or otherwise as determined by
the fiscal body.
(c) The adoption deadline referred to in subsection (a) is
determined in the following manner:
(1) The initial adoption deadline is December 31, 2011.
(2) Subject to subdivision (3), the initial adoption deadline and
subsequent adoption deadlines are automatically extended in
increments of five (5) years, so that adoption deadlines
subsequent to the initial adoption deadline fall on December 31,
2016, and December 31 of each fifth year thereafter.
(3) At least one (1) year before the date of an adoption deadline
determined under subdivision (2), the general assembly may
enact a law that:
(A) terminates the automatic extension of adoption deadlines
under subdivision (2); and
(B) specifically designates a particular date as the final
adoption deadline.
As added by P.L.19-1985, SEC.5. Amended by P.L.24-1987, SEC.13;
P.L.18-1992, SEC.23; P.L.25-1995, SEC.55; P.L.216-2005, SEC.5.
Last modified: May 28, 2006