Designation as district
Sec. 7. (a) The commission may find that a geographic territory
is a maritime opportunity district if the commission determines that:
(1) the territory is located adjacent to a state owned port on
state owned land;
(2) there will be redevelopment or rehabilitation of property
within the territory;
(3) the redevelopment or rehabilitation will require a substantial
investment relative to the size of the business making the
investment;
(4) the business making an investment will be manufacturing
goods;
(5) more than fifty percent (50%) of the goods manufactured are
to be shipped through a port operated by the state and are
destined for international markets;
(6) the business is making a long term commitment to the
territory; and
(7) there will be an increase in the revenue of the port.
(b) To make such a finding, the commission shall use the
procedures prescribed in section 8 of this chapter.
(c) The commission may adopt a resolution establishing general
standards to be used, along with the requirements set forth in
subsection (a). The standards must have a reasonable relationship to
the development objectives of the district.
(d) If a person requests the designation of a territory as a district,
the commission may charge an application fee sufficient to defray
actual processing and administrative costs. In declaring a territory to
be a district, the commission may limit the time period to a certain
number of calendar years during which the district shall be so
designated. To exercise one (1) or more of these powers, the
commission must include this fact in the resolution passed under
section 8 of this chapter.
(e) If the commission limits the time period during which a
territory will be a district, it does not limit the length of time a
taxpayer is entitled to receive a deduction under section 10 of this
chapter.
As added by P.L.62-1988, SEC.1.
Last modified: May 28, 2006