Senate Bill 361 to Create Innovation Development Districts in Indiana

On March 15, 2022, Governor Holcomb signed Senate Bill 361 into law, which, among other things, provides for the creation of Innovation Development Districts in Indiana.

The bill grants the Indiana Economic Development Corporation (IEDC) the authority to establish Innovation Development Districts throughout the State in connection with the local redevelopment commission for a town, city or county for large-scale economic development. The financing mechanism for the Innovation Development Districts will be similar to tax increment financing (TIF) used at the local level to encourage development by capturing taxes generated by the district beyond the base rate prior to the development.

Advocates for the bill claim the creation of Innovation Development Districts will help attract large-scale developments and advanced-industry projects to Indiana.

Read more from the IBJ here. A copy of Senate Bill 361 with additional legislative information can be found here.

This article was submitted by Christopher Engel of Taft Stettinius & Hollister LLP. If you would like to submit content or write an article for the Real Estate & Land Use Section, please email Kara Sikorski at ksikorski@indybar.org.

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