SB0434: Economic development in Lake County.

Legislative Summary

Economic development in Lake County. Establishes the blighted property demolition fund (demolition fund). Provides that money in the demolition fund is to be used for costs associated with demolishing a qualified property located in the territory of a current or future transit development district or in the area surrounding the Gary Metro Center. Allows the Lake County fiscal body to adopt an increase in the county innkeeper's tax. Establishes the Lake County economic development and convention fund (convention fund). Provides that money in the convention fund may be used for purposes related to a convention center in Lake County. Establishes a local county fund known as the Lake County convention and event center reserve fund (reserve fund). Provides that the revenue received from an increase in the innkeeper's tax is deposited in the reserve fund. Provides that, beginning July 1, 2023, proposals may be submitted for construction and operation of a Lake County convention and event center to the Lake County board of commissioners. Provides minimum requirements for a proposal. Provides that if a proposal is approved, the Lake County convention center authority is established to provide general oversight. Establishes the Gary Metro Center station revitalization fund (metro center station fund). Establishes the Gary Metro Center station revitalization project board to provide oversight of the ongoing maintenance and operation of the Gary Metro Center station. Beginning after June 30, 2025, requires the department of state revenue to deposit certain amounts in each state fiscal year of the riverboat wagering tax revenue collected from a riverboat operating within the city of Gary in the demolition fund, the convention fund, and the metro center station fund.