Review of proposed project; preliminary certification

# (1)

a copy of the ordinance;

# (2)

a description of the proposed industrial development program and qualified industrial development project; and

# (3)

other additional data and information that will enable the corporation to determine preliminarily whether the unit may qualify for a loan from the industrial development fund established under IC 5-28-9.

(b) The Indiana economic development corporation shall review the data and related information submitted under subsection (a) to determine preliminarily whether:

(1) the proposed project will qualify as a qualified industrial development project;

(2) there is a reasonable likelihood that the proposed qualified industrial development project will be initiated and accomplished; and

(3) there is a reasonable likelihood that an application by the unit under IC 5-28-9-12 for a loan from the industrial development fund to institute and administer the proposed industrial development program will be approved by the corporation and the state board of finance.

(c) If the Indiana economic development corporation preliminarily determines under subsection (b) that the proposed project does not or will not qualify as a qualified industrial development project or that there is not a reasonable likelihood that a loan from the industrial development fund will be approved under IC 5-28-9-12, the corporation shall certify this determination in writing to the fiscal body adopting the ordinance. Upon this certification, the ordinance proposing to establish the economic development district is void.

(d) If the Indiana economic development corporation preliminarily determines under subsection (b) that the proposed project qualifies or will qualify as a qualified industrial development project and that there is a reasonable likelihood that a loan from the industrial development fund will be approved under IC 5-28-9-12, the corporation shall certify this determination to the fiscal body adopting the ordinance proposing to establish the economic development district. Upon receipt of this certification, the fiscal body shall proceed to take final action with respect to the ordinance in accordance with section 3 of this chapter.

(e) A favorable preliminary certification under subsection (d) does not, however, represent or constitute a final determination by the Indiana economic development corporation and state board of finance as to whether the unit will obtain a loan from the industrial development fund in accordance with IC 5-28-9.
As added by P.L.24-1987, SEC.14. Amended by P.L.4-2005, SEC.44.