Section 4-33-6-7 - Economic development(a) In granting a license under this chapter, the commission may give favorable consideration to the following:(1) Economically depressed areas of Indiana.(2) Applicants presenting plans that provide for significant economic development over a large geographic area.(b) This subsection applies to any owner's license issued for a city described in section 1(a)(1) of this chapter. The commission must require the applicant to provide assurances that economic development will occur in the city and that adequate infrastructure and site preparation will be provided to support the riverboat operation. In order to prove the assurance that economic development will occur, the applicant must:(1) construct or provide for the construction of an approved hotel; or(2) cause economic development that will have an economic impact on the city that exceeds the economic impact that the construction of an approved hotel would have.(c) This subsection applies to an owner's license issued for the City of East Chicago. If a controlling interest in the owner's license is transferred, the fiscal body of the City of East Chicago may adopt an ordinance voiding any term of the development agreement (as defined by IC 36-1-8-9.5 ) between:(2) the person transferring the controlling interest in the owner's license; that is in effect as of the date the controlling interest is transferred. The ordinance may provide for any payments made under the redevelopment agreement, including those held in escrow, to be redirected to the City of East Chicago for use as directed by ordinance of the city fiscal body. A requirement to redirect a payment is valid to the same extent as if the requirement had been part of the original agreement. If the ordinance provides for the voiding and renegotiation of any part of a redevelopment agreement, the mayor of the City of East Chicago may negotiate with the person acquiring a controlling interest in the owner's license to replace any terms voided by the ordinance. Terms negotiated under this subsection must be ratified in an ordinance adopted by the city legislative body.
As added by P.L. 277-1993 (ss), SEC.124. Amended by P.L. 234-2007, SEC.302.