Terms Used In Indiana Code > Title 5 > Article 28 - Indiana Economic Development Corporation

• advanced materials: means materials with engineered properties created through the development of specialized processing and synthesis technology, including ceramics, high value added metals, electronic materials, composites, polymers, and biomaterials. See Indiana Code 5-28-15-1
• agreement: means an agreement between a lender and the corporation under which a lender may participate in the program. See Indiana Code 5-28-29-1
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• base assessed value: means :

  Indiana Code 5-28-26-1

• Bequest: Property gifted by will.
• biotechnology: means the continually expanding body of fundamental knowledge about the functioning of biological systems from the macro level to the molecular and subatomic levels, as well as novel products, services, technologies, and subtechnologies developed as a result of insights gained from research advances that add to that body of fundamental knowledge. See Indiana Code 5-28-15-1
• board: refers to the board of elections and registration established by section 3 of this chapter. See Indiana Code 3-6-5.6-2
• board: refers to any of the following:

  Indiana Code 3-6-5.9-2

• borrower: means the recipient of a loan that is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements:

  Indiana Code 5-28-29-3

• broadband services: includes services, including voice, video, and data, that provide capacity for transmission of more than three hundred eighty-four (384) kilobits per second in at least one (1) direction regardless of the technology or medium used, including wireless, copper wire, fiber optic cable, or coaxial cable. See Indiana Code 5-28-28.5-0.5
• capital access account: means an account created by the corporation for the purposes of the capital access program. See Indiana Code 5-28-29-4
• center: refers to the permit assistance center established by section 4 of this chapter. See Indiana Code 5-28-13-1
• center: refers to the broadband ready communities development center established by section 5 of this chapter. See Indiana Code 5-28-28.5-1
• claim: means a claim filed by the lender under section 29 of this chapter. See Indiana Code 5-28-29-5
• Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• developer: means a person who proposes to enter, or has entered, into a financing agreement with the corporation for an industrial development project and who has entered into a separate agreement with some other persons for the substantial use of the facilities financed. See Indiana Code 5-28-30-1.5
• development authority: includes :

  Indiana Code 5-28-41-1

• development authority: includes :

  Indiana Code 5-28-43-1

• Devise: To gift property by will.
• district: means the Eastern Indiana Economic Development District. See Indiana Code 5-28-26-2
• early loan: means an enrolled loan when at the time of its enrollment the total amount of previously enrolled loans made by the lender under the program was less than five million dollars ($5,000,000). See Indiana Code 5-28-29-6
• economically disadvantaged area: means a county that has an unemployment rate exceeding the state unemployment rate by at least two percent (2%). See Indiana Code 5-28-11.5-1
• economically disadvantaged area: has the meaning set forth in Indiana Code 5-28-21-1
• eligible entity: means :

  Indiana Code 5-28-25-1

• eligible entity: means a qualified business that meets the following requirements:

  Indiana Code 5-28-42-1

• eligible loan: means a loan made by the lender to a borrower that meets the requirements of sections 17 and 18 of this chapter. See Indiana Code 5-28-29-7
• eligible regional economic acceleration and development organization: means :

  Indiana Code 5-28-41-2

• eligible regional economic acceleration and development organization: means any of the following:

  Indiana Code 5-28-43-2

• eligible small business: means a business entity that:

  Indiana Code 5-28-40-1

• enrolled loan: means a loan enrolled by the corporation under the terms of section 19 of this chapter. See Indiana Code 5-28-29-8
• enterprise zone: means an enterprise zone created under IC 5-28-15 (or Indiana Code 5-28-9-1
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• federal agency: means the Economic Development Administration of the United States Department of Commerce. See Indiana Code 5-28-8-1
• federal income poverty level: means the nonfarm income official poverty line as determined annually by the federal Office of Management and Budget. See Indiana Code 5-28-18-1
• federal program: means a federal loan or grant program that promotes economic development. See Indiana Code 5-28-8-2
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• fund: refers to the economic development fund established by section 5 of this chapter. See Indiana Code 5-28-8-3
• fund: refers to the technology development grant fund established by section 7 of this chapter. See Indiana Code 5-28-10-1
• fund: refers to the trade promotion fund established by section 6 of this chapter. See Indiana Code 5-28-14-1
• fund: refers to the Indiana twenty-first century research and technology fund established by section 2 of this chapter. See Indiana Code 5-28-16-1
• fund: refers to the small business development fund established by section 7 of this chapter. See Indiana Code 5-28-18-2
• fund: refers to the small business development fund established by IC 5-28-18-7. See Indiana Code 5-28-20-2
• fund: refers to the small business incubator fund established by section 6 of this chapter. See Indiana Code 5-28-21-2
• fund: refers to the industrial development grant fund established by section 4 of this chapter. See Indiana Code 5-28-25-2
• fund: refers to the business development loan fund. See Indiana Code 5-28-32-1
• fund: means the green industries fund established by section 3 of this chapter. See Indiana Code 5-28-34-1
• fund: refers to the READI fund established by section 7 of this chapter. See Indiana Code 5-28-41-3
• fund: means the small business restart grant fund established by section 7 of this chapter. See Indiana Code 5-28-42-2
• fund: refers to the READI 2. See Indiana Code 5-28-43-3
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• governing body: means the legislative body of a city, town, or county, an economic development commission, or a board administering the affairs of a special taxing district. See Indiana Code 5-28-9-2
• grant: refers to a grant given by the corporation. See Indiana Code 5-28-28-2
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• guaranty fund: refers to the industrial development project guaranty fund created by section 9 of this chapter. See Indiana Code 5-28-30-2
• guaranty program: means the program described in section 10 of this chapter under which the corporation guarantees parts of particular mortgages, security agreements, leases, or loans for working capital with funds available from the guaranty fund. See Indiana Code 5-28-30-3
• high growth company with high skilled jobs: means a company that satisfies all the following conditions:

  Indiana Code 5-28-30-4

• high technology activity: has the meaning set forth in IC 36-7-32-7. See Indiana Code 5-28-26-3
• Highway: includes county bridges and state and county roads, unless otherwise expressly provided. See Indiana Code 1-1-4-5
• hub: means a regional economic development project that is:

  Indiana Code 5-28-26-4

• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• income tax base period amount: means the total amount of local income tax (Indiana Code 5-28-26-5
• income tax incremental amount: means the remainder of:

  Indiana Code 5-28-26-6

• incubator: means a facility in which space may be leased by a tenant and in which management provides access to business development services for use by tenants. See Indiana Code 5-28-21-3
• Indiana institution of higher education: means a public or private college or university that:

  Indiana Code 5-28-40-2

• industrial development program: means a program designed to aid the growth of industry in Indiana and includes the:

  Indiana Code 5-28-9-3

• industrial development program: means a program designed to aid economic development in Indiana and includes:

  Indiana Code 5-28-25-3

• industrial development project: includes the acquisition of land, interests in land, site improvements, infrastructure improvements (including information and high technology infrastructure (as defined in IC 5-28-9-4)), buildings, or structures, rehabilitation, renovation, and enlargement of buildings and structures, machinery, equipment, furnishings, or facilities (or any combination of these), comprising or being functionally related and subordinate to any of the following:

  Indiana Code 5-28-30-5

• information and high technology infrastructure: includes , but is not limited to, fiber optic cable and other infrastructure that supports high technology growth and the purchase and installation of fiber optic cable and other infrastructure. See Indiana Code 5-28-9-4
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• lender: means :

  Indiana Code 5-28-29-9

• loan: means a direct loan from the fund. See Indiana Code 5-28-20-3
• local board: means the:

  Indiana Code 5-28-18-3

• local pool: includes both a local investment pool established under section 12 of this chapter and a local opportunity pool established under section 13 of this chapter. See Indiana Code 5-28-18-4
• minority business: means an individual, a partnership, a corporation, a limited liability company, or a joint venture of any kind that is owned and controlled by one (1) or more persons who are:

  Indiana Code 5-28-20-4

• minority enterprise small business investment company: means an investment company licensed under Indiana Code 5-28-9-5
• minority group: means :

  Indiana Code 5-28-20-5

• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• mortgage: means a mortgage on an industrial development project, mining operation, or agricultural operation that involves the processing of agricultural products, or the unpaid purchase price of real estate under the laws of this state, together with the credit instruments, if any, secured thereby, including but not limited to a financing agreement as defined in Indiana Code 5-28-30-7
• municipality: means a city or town. See Indiana Code 5-28-24-1
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• negotiations: means communications, including letters of intent, memoranda of understanding, and other preliminary, early stage, or informal communications, directed to or with an industrial, research, or commercial prospect. See Indiana Code 5-28-6-0.6
• Oath: A promise to tell the truth.
• Oath: includes "affirmation" and "to swear" includes to "affirm". See Indiana Code 1-1-4-5
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• other authorized research provider: means a research organization, other than an Indiana institution of higher education, that:

  Indiana Code 5-28-40-3

• Oversight: Committee review of the activities of a Federal agency or program.
• owned and controlled: means having:

  Indiana Code 5-28-20-6

• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• passive real estate ownership: means ownership of real estate for the purpose of deriving income from speculation, trade, or rentals, except that the term does not include the following:

  Indiana Code 5-28-29-10

• permit: means any state agency permit, license, certificate, approval, registration, or similar form of approval required by a statute or an administrative rule. See Indiana Code 5-28-13-2
• permit: means any local, state, or federal agency permit, license, certificate, approval, registration, or similar form of approval required by statute, administrative rule, regulation, ordinance, or resolution with respect to a project. See Indiana Code 5-28-28.5-2
• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• Population: has the meaning set forth in Indiana Code 1-1-4-5
• program: refers to the new business recruitment grant program established by section 4 of this chapter. See Indiana Code 5-28-11.5-3
• program: refers to the small and minority business financial assistance program established by section 9 of this chapter. See Indiana Code 5-28-20-7
• program: refers to the capital access program created by this chapter. See Indiana Code 5-28-29-11
• program: means the Hoosier hospitality small business restart grant program established by section 6 of this chapter. See Indiana Code 5-28-42-3
• project: means the construction or deployment of wireline or wireless communications facilities to provide communications services (as defined in Indiana Code 5-28-28.5-3
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• public facilities: includes a street, a road, a bridge, a storm water or sanitary sewer, a sewage treatment facility, a facility designed to reduce, eliminate, or prevent the spread of identified soil or groundwater contamination, a drainage system, a retention basin, a pretreatment facility, a waterway, a waterline, a water storage facility, a rail line, an electric, gas, telephone or other communications line or any other type of utility line or pipeline, or another similar or related structure or improvement, together with necessary easements for the structure or improvement. See Indiana Code 5-28-26-7
• qualified business: means an entity engaged in:

  Indiana Code 5-28-42-4

• qualified entity: means :

  Indiana Code 5-28-8-4

• qualified entity: means a city, a town, a county, an economic development commission, or a special taxing district. See Indiana Code 5-28-9-6
• qualified nonprofit organization: means a private, nonprofit entity formed as a partnership between local units, private sector businesses, or community or philanthropic organizations to develop and implement a regional economic acceleration and development strategy that has an organizational structure that conforms with the requirements of a policy developed by the corporation under section 16 of this chapter. See Indiana Code 5-28-41-4
• qualified nonprofit organization: means a private, nonprofit entity formed as a partnership between local units, private sector businesses, or community or philanthropic organizations to develop and implement a regional economic acceleration and development strategy that has an organizational structure that conforms with the requirements of a policy developed by the corporation under section 16 of this chapter. See Indiana Code 5-28-43-4
• Quorum: The number of legislators that must be present to do business.
• READI: refers to the regional economic acceleration and development initiative. See Indiana Code 5-28-41-5
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• redevelopment commission: refers to a redevelopment commission established under IC 36-7-14-3 or a commission (as defined in Indiana Code 5-28-10-3
• regional economic acceleration and development strategy: refers to :

  Indiana Code 5-28-41-6

• regional economic acceleration and development strategy: refers to :

  Indiana Code 5-28-43-6

• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• research services: means research and development, technology exploration, technical development, product development, and commercialization intended to foster innovation in an eligible small business. See Indiana Code 5-28-40-4
• reserve fund: means an account established by the corporation with funds accumulated under this chapter and to cover claims made by the lender under this chapter. See Indiana Code 5-28-29-12
• security agreement: means an agreement which creates or provides for a security interest in equipment, including, but not limited to, an equipment lease under the guaranty program or within the meaning of IC 36-7-12, and any successor provisions related to equipment. See Indiana Code 5-28-30-8
• Sheriff: means the sheriff of the county or another person authorized to perform sheriff's duties. See Indiana Code 1-1-4-5
• SIC Manual: means the 1987 version of the standard industrial classification manual available (as of December 31, 2020) from the United States Occupational Safety and Health Administration. See Indiana Code 5-28-42-5
• small business: has the meaning set forth in IC 5-22-14-1. See Indiana Code 5-28-20-8
• small business concern: means a small business concern as defined in Indiana Code 5-28-14-2
• small business investment company: means an investment company licensed under 15 U. See Indiana Code 5-28-9-7
• spoke: means an economic development project that is:

  Indiana Code 5-28-26-8

• sponsor: means an organization that enters into a written agreement with the corporation to:

  Indiana Code 5-28-21-4

• state agency: has the meaning set forth in IC 4-13-1-1. See Indiana Code 5-28-13-3
• Statute: A law passed by a legislature.
• targeted employment: means employment in any of the following business activities:

  Indiana Code 5-28-10-4

• tax credit: means a state tax liability credit under any of the following:

  Indiana Code 5-28-28-4

• tax increment revenues: means the property taxes attributable to the assessed value of property located in a global commerce center in excess of the base assessed value. See Indiana Code 5-28-26-9
• technology park: refers to a certified technology park established under IC 36-7-32. See Indiana Code 5-28-10-5
• tenant: means a sole proprietorship, partnership, limited liability company, or corporation operating a business and occupying space in an incubator. See Indiana Code 5-28-21-5
• trade mission: means a planned tour of business locations, all of which are:

  Indiana Code 5-28-14-3

• trade show: means an exhibition, an exposition, or a fair:

  Indiana Code 5-28-14-4

• trademark: has the meaning set forth in IC 24-2-1-2. See Indiana Code 5-28-39-1
• Trustee: A person or institution holding and administering property in trust.
• unit: means a county, city, or town. See Indiana Code 5-28-26-10
• unit: means a county, city, or town. See Indiana Code 5-28-28.5-4
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• user: means a person who has entered into a financing agreement with the corporation or lender or a contract for use with the developer or lender in contemplation of its use of an industrial development project. See Indiana Code 5-28-30-8.5
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• veteran: includes "Hoosier veteran" and applies to the construction of all Indiana statutes, unless the construction is expressly excluded by the terms of the statute, is plainly repugnant to the intent of the general assembly or of the context of the statute, or is inconsistent with federal law. See Indiana Code 1-1-4-5
• voucher: means a grant to an eligible small business to purchase research services from an Indiana institution of higher education or other authorized research provider. See Indiana Code 5-28-40-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
• zone business: means an entity that accesses at least one (1) tax credit, deduction, or exemption incentive available under this chapter, Indiana Code 5-28-15-3