SB 215 IN

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Passed One Chamber

Provides for an expiration date of an allocation area of not more than 50 years in the case of an allocation area established by the redevelopment commission of a qualified city for the purpose of financing a mixed use development project, but only if the legislative body of the qualified city adopts a resolution to approve an independent analysis with regard to the proposed development project that demonstrates the need for an allocation area that exceeds 25 years. Authorizes a qualified city, subject to the same requirement for a resolution of the legislative body, to enter into leases financed with incremental tax revenue from the allocation area for a term not to exceed 50 years for the purpose of financing a mixed use development project. Defines "qualified city" and "mixed use development project" for purposes of these provisions. Provides, that if in any state fiscal year the IEDC determines that it will award an amount of tax credits under $1,000,000, the IEDC must first receive state budget committee review. Establishes the regional economic acceleration and development initiative (READI) fund to provide grants and loans to support economic development and regional economic acceleration and development. Provides that the IEDC administers the fund. Provides that the board of the IEDC (board) may review applications for grants and loans from the fund. Allows the board to form a strategic review committee. Requires the IEDC to establish a policy for the regional economic acceleration and development initiative. Makes an appropriation.

• Travis Holdman Republican · author
• Brian Buchanan Republican · author
• Dave Heine Republican · sponsor

1. Jan 11, 2021 Authored by Senator Holdman · upper
2. Jan 11, 2021 First reading: referred to Committee on Tax and Fiscal Policy · upper
3. Jan 28, 2021 Senator Zay added as coauthor · upper
4. Feb 15, 2021 Senator Buchanan added as second author · upper
5. Feb 16, 2021 Committee report: amend do pass, adopted · upper
6. Feb 18, 2021 Amendment #1 (Holdman) prevailed; voice vote · upper
7. Feb 18, 2021 Second reading: amended, ordered engrossed · upper
8. Feb 18, 2021 Senator Charbonneau added as coauthor · upper
9. Feb 22, 2021 House sponsor: Representative Sullivan · upper
10. Feb 22, 2021 Cosponsor: Representative Heine · upper
11. Feb 22, 2021 Third reading: passed; Roll Call 152: yeas 45, nays 4 · upper
12. Feb 23, 2021 Referred to the House · upper
13. Mar 4, 2021 First reading: referred to Committee on Ways and Means · lower
14. Mar 16, 2021 Representative Heine removed as cosponsor · lower
15. Mar 16, 2021 Representative Sullivan removed as sponsor · lower
16. Mar 16, 2021 Representative Heine added as sponsor · lower

The published texts of this bill as it moves through the legislature. Each links to the official document on the state legislature site. Data from OpenStates.

• Engrossed Senate Bill (S) · Feb 18, 2021 · PDF
• Introduced Senate Bill (S) · Jan 8, 2021 · PDF
• Senate Bill (S) · Feb 16, 2021 · PDF