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DIGEST OF SB 434 (Updated February 17, 2004 5:30 pm - DI 92)
Professional sports development areas. Allows a second class city to adopt a resolution to establish a professional sports and convention development area before January 1, 2005. (Current law provides that a second class city that seeks to establish a professional sports and convention development area must have adopted a resolution before July 1, 2003.) Allows Gary, Indiana to designate more than 1 facility as part of a professional sports and convention development area. Allows Randolph County to spend county economic development income tax (CEDIT) revenue to renovate the county courthouse. Provides that a bond issued to finance a juvenile center in Randolph County may not be redeemed before the bond's final maturity date. Creates the Randolph County volunteer fire recommendation panel. Requires that the wage paid for certain projects funded by CEDIT in Randolph County be at least equal to the common construction wage recommended by the department of workforce development. Provides that 10% of the CEDIT revenue not used to pay bonds or leases to be transferred to the Randolph County Economic Development Foundation to be used only for job training and job creation programs.
