Enrolled House Bill (H)

Authored by

DIGEST

Regional cities. Establishes the Indiana regional city fund (fund) to provide grants and loans to regional development authorities. Provides that the Indiana economic development corporation administers the fund. Broadens the definition of "project" under the regional development authority statute to include any project that enhances a region with the goal of attracting people or business. Specifies that the board of the Indiana economic development corporation (board) may not approve an application for a grant unless: (1) the budget committee has reviewed the application; (2) the board finds that approving the application will have an overall positive return on investment for Regional cities. Establishes the Indiana regional city fund (fund) to provide grants and loans to regional development authorities. Provides that the Indiana economic development corporation administers the fund. Broadens the definition of "project" under the regional development authority statute to include any project that enhances a region with the goal of attracting people or business. Specifies that the board of the Indiana economic development corporation (board) may not approve an application for a grant unless: (1) the budget committee has reviewed the application; (2) the board finds that approving the application will have an overall positive return on investment for the state; and (3) the application has received a positive recommendation from the strategic review committee. Provides that when the board awards a grant or makes a loan from the fund, the Indiana finance authority, upon request of the board, may determine that part of the grant or loan shall be made from the environmental remediation revolving loan fund if: (1) sufficient money has been transferred from the excess liability fund to the environmental remediation revolving loan fund; (2) the application requests funds for the elimination or mitigation of a release of petroleum from an underground storage tank; (3) the project is ineligible for assistance from the excess liability fund; and (4) the project meets applicable eligibility requirements established by the Indiana finance authority for assistance from the environmental remediation revolving loan fund. Provides that third class cities and towns may become members of a regional development authority. Changes the rules governing the membership of a board of a regional development authority. Requires a regional development authority to report various types of information to the Indiana economic development corporation. Replaces mandatory contributions to a regional development authority by a member county or municipality as a condition of membership with contributions for the support of specific projects that have been agreed to by some or all of the member counties and municipalities. ... View more