Effective 1-1-2020.

Sec. 16. (a) The corporation shall consider the following factors in deciding whether to award a credit under this chapter for a proposed qualified investment:

(1) Evidence that the project aligns with the community's development plans.

(2) The economic development potential for the project for which the taxpayer proposes to make the qualified investment.

(3) Evidence of barriers preventing the development or redevelopment of the qualified redevelopment site in which the qualified investment is made, such as significant environmental contamination requiring remediation.

(4) The level of commitment by the public sector and local government to assist in the financing of improvements or redevelopment activities benefiting the qualified redevelopment site in which the qualified investment is made.

(5) Evidence of support by residents, businesses, and private organizations in the surrounding community for the project for which the taxpayer proposes to make the qualified investment.

(6) The level of economic distress in the surrounding community and the extent to which the project for which the taxpayer proposes to make the qualified investment mitigates the economic distress.

(7) The extent to which the project is estimated to enhance the economic opportunity, health, safety, aesthetics, or amenities of the community in a manner that:

(A) improves quality of life factors for residents of the region; and

(B) increases the ability of the region to attract and retain a talented workforce.

(8) Any other factors as determined by the corporation.

(b) The corporation shall not approve an application to receive a tax credit under this chapter for a qualified investment made in a qualified redevelopment site described in section 6(2) of this chapter unless the applicant can provide evidence that the local unit having jurisdiction over the property made a determination that the qualified redevelopment site was unsafe (as defined in IC 36-7-9-4), and the local unit took appropriate steps to remedy the unsafe conditions at the qualified redevelopment site, which led to its demolition.

As added by P.L.158-2019, SEC.29.