Senate Bill 434
Engrossed Senate Bill (S)
DIGEST
Economic development in Lake County. Establishes the blighted property demolition fund (demolition fund). Provides that the Indiana housing and community development authority shall administer the demolition fund. Allows the city of Gary to apply to receive a grant from the demolition fund for assistance in paying the costs associated with demolishing a qualified property. Establishes the Lake County convention and economic development fund (development fund). Specifies permissible uses for money in the development fund and requires the northwest Indiana regional development authority (development authority) to submit a plan regarding certain fiscal and administrative matters to the Lake County council. Provides
Economic development in Lake County. Establishes the blighted property demolition fund (demolition fund). Provides that the Indiana housing and community development authority shall administer the demolition fund. Allows the city of Gary to apply to receive a grant from the demolition fund for assistance in paying the costs associated with demolishing a qualified property. Establishes the Lake County convention and economic development fund (development fund). Specifies permissible uses for money in the development fund and requires the northwest Indiana regional development authority (development authority) to submit a plan regarding certain fiscal and administrative matters to the Lake County council. Provides
that: (1) the development authority shall administer the development fund; and (2) budget committee review is required before any money may be released from the development fund. Beginning after June 30, 2025, requires the department of state revenue to deposit (subject to a local match requirement) up to $10,000,000 in each state fiscal year of the riverboat wagering tax revenue collected from a riverboat operating within the city of Gary in the development fund. Requires budget committee review before any riverboat wagering tax revenue collected may be: (1) locally matched; and (2) released from the development fund. Allows the Lake County fiscal body to adopt an increase in the county innkeeper's tax. Provides that part of the revenue from an increase in the county innkeeper's tax must be deposited in the development fund. Provides for the expiration of the following provisions: (1) The deposit of riverboat wagering tax revenue into the development fund. (2) The authorization to adopt an ordinance to increase the Lake County innkeeper's tax rate. (3) The: (A) development fund; and (B) demolition fund.
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