Sec. 9.5. (a) As used in this section, “development agreement” means an agreement between a licensed owner (as defined in IC 4-33-2-13) and a unit setting forth the licensed owner’s financial commitments to support economic development in the unit.

     (b) Funds received by a unit under a development agreement are public funds (as defined in IC 5-13-4-20).

     (c) Funds received under a development agreement:

(1) may not be used to reduce the unit’s maximum levy under IC 6-1.1-18.5 but may be used at the discretion of the unit to reduce the property tax levy of the unit for a particular year;

(2) may be used for any legal or corporate purpose of the unit, including the pledge of money to bonds, leases, or other obligations under IC 5-1-14-4; and

(3) are considered miscellaneous revenue.

As added by P.L.199-2005, SEC.29.