2014 Indiana Code TITLE 5. STATE AND LOCAL ADMINISTRATION ARTICLE 28. INDIANA ECONOMIC DEVELOPMENT CORPORATION CHAPTER 10. TECHNOLOGY DEVELOPMENT GRANT FUND
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IC 5-28-10
Chapter 10. Technology Development Grant Fund
IC 5-28-10-1
"Fund"
Sec. 1. As used in this chapter, "fund" refers to the technology
development grant fund established by section 7 of this chapter.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-2
"Political subdivision"
Sec. 2. As used in this chapter, "political subdivision" has the
meaning set forth in IC 36-1-2-13.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-3
"Redevelopment commission"
Sec. 3. As used in this chapter, "redevelopment commission"
refers to a redevelopment commission established under
IC 36-7-14-3 or a commission (as defined in IC 36-7-15.1-3) that
establishes a technology park.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-4
"Targeted employment"
Sec. 4. As used in this chapter, "targeted employment" means
employment in any of the following business activities:
(1) Advanced manufacturing, including the following:
(A) Automotive and electronics.
(B) Aerospace technology.
(C) Robotics.
(D) Engineering design technology.
(2) Life sciences, including the following:
(A) Orthopedics or medical devices.
(B) Biomedical research or development.
(C) Pharmaceutical manufacturing.
(D) Agribusiness.
(E) Nanotechnology or molecular manufacturing.
(3) Information technology, including the following:
(A) Informatics.
(B) Certified network administration.
(C) Software development.
(D) Fiber optics.
(4) Twenty-first century logistics, including the following:
(A) High technology distribution.
(B) Efficient and effective flow and storage of goods,
services, or information.
(C) Intermodal ports.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-5
"Technology park"
Sec. 5. As used in this chapter, "technology park" refers to a
certified technology park established under IC 36-7-32.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-6
"Technology product"
Sec. 6. As used in this chapter, "technology product" means a
product that involves high technology activity or otherwise involves
targeted employment.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-7
Establishment and purpose of fund
Sec. 7. The technology development grant fund is established
within the state treasury to provide the necessary money for grants
to redevelopment commissions under this chapter and the
administration of this program.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-8
Appropriations from general assembly
Sec. 8. The fund consists of appropriations from the general
assembly.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-9
Administration of fund
Sec. 9. The corporation shall administer the fund. The following
may be paid from money in the fund:
(1) Expenses of administering the fund.
(2) Nonrecurring administrative expenses incurred to carry out
the purposes of this chapter.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-10
Investment of money in fund
Sec. 10. The treasurer of state shall invest the money in the fund
not currently needed to meet the obligations of the fund in the same
manner as other public funds are invested. Interest that accrues from
these investments shall be deposited in the state general fund.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-11
Nonreversion
Sec. 11. Money in the fund at the end of a state fiscal year does
not revert to the state general fund.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-12
Establishment of grant application procedure
Sec. 12. The corporation shall establish a grant application
procedure for redevelopment commissions.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-13
Qualification for grant
Sec. 13. To qualify for a grant under this chapter, a redevelopment
commission must:
(1) submit an application in the form prescribed by the
corporation;
(2) demonstrate that:
(A) the redevelopment commission has established a
technology park; and
(B) the grant being applied for under this chapter will assist
the redevelopment commission in accomplishing the goals
of the technology park under IC 36-7-32; and
(3) provide other information required by the corporation.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-14
Provision of grants
Sec. 14. The corporation shall provide grants on a competitive
basis from the fund to businesses that apply for a grant under this
chapter. The corporation may select and fund part or all of an
application request that:
(1) is submitted during an application period; or
(2) was submitted in a prior application period but not fully
funded in that application period.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-15
"Operating expenditures"; amount and use of grants
Sec. 15. (a) For purposes of this section, "operating expenditures"
includes the following:
(1) Business plans.
(2) Marketing studies.
(3) Mentor identification.
(4) Securitization of capital.
(5) Legal services.
(6) Other necessary services.
(b) The total of all grants provided under this chapter for a
technology park may not exceed the following:
(1) Two million dollars ($2,000,000) for the leasing,
construction, or purchase of capital assets.
(2) Two million dollars ($2,000,000) for operating
expenditures, and, subject to subsection (d), with not more than
five hundred thousand dollars ($500,000) being distributed in
any one (1) fiscal year.
(c) This subsection applies to a grant provided under subsection
(b)(1) for the leasing of a capital asset. The grant may be applied
only to lease payments made during:
(1) the fiscal year; or
(2) each of the three (3) fiscal years immediately following the
fiscal year;
in which the grant is provided.
(d) The annual distribution of a grant under subsection (b)(2) may
not exceed the following:
(1) Eighty percent (80%) of total operating expenditures in the
fiscal year in which the grant is provided.
(2) Sixty percent (60%) of total operating expenditures in the
fiscal year after the fiscal year in which the grant is provided.
(3) Forty percent (40%) of total operating expenditures in the
second fiscal year after the fiscal year in which the grant is
provided.
(4) Twenty percent (20%) of total operating expenditures in the
third fiscal year after the fiscal year in which the grant is
provided.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-16
Matching amounts for capital expenditure grants
Sec. 16. A capital expenditure grant under this chapter shall
require that the lesser of:
(1) two million dollars ($2,000,000); or
(2) fifty percent (50%) of the total capital costs;
of the project being funded by the grant be matched from other
sources.
As added by P.L.4-2005, SEC.34.
IC 5-28-10-17
Grants to political subdivisions
Sec. 17. The corporation may, under rules established by the
department of local government finance and the procedures
established by the corporation, award grants from the fund to one (1)
or more political subdivisions to reimburse the political subdivisions
for ad valorem property taxes allocated to an allocation area as a
result of a resolution adopted under IC 36-7-32-15.
As added by P.L.4-2005, SEC.34.
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