Indiana Code 6-1.1-40-7. Designation as district
(1) the territory is located adjacent to a state owned port on state owned land;
Terms Used In Indiana Code 6-1.1-40-7
- commission: refers to the ports of Indiana established by IC 8-10-1-3. See Indiana Code 6-1.1-40-1
- district: means a geographic territory designated as a maritime opportunity district by the ports of Indiana under section 7 of this chapter. See Indiana Code 6-1.1-40-2
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- redevelopment: means the construction of new structures, in a district, either:
Indiana Code 6-1.1-40-5
- rehabilitation: means the remodeling, repair, or improvement of property in any manner or any enlargement or extension of property. See Indiana Code 6-1.1-40-6
(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.