Chapter 3.15 ECONOMIC DEVELOPMENT CHARGE

Chapter 3.15
ECONOMIC DEVELOPMENT CHARGE

Sections:

3.15.040 Amount modification – Term of agreement.

3.15.010 Purpose and intent.

A. It is hereby declared to be the policy of the county of Boone to promote and enhance the quality of the life of the residents of Boone County by furthering the development of the economic resources of Boone County through the attraction, retention, and creation of suitable business investment with an emphasis on commercial and industrial concerns that have minimal environmental impact. In connection with this effort, it is the policy of the county of Boone to take steps to improve the opportunities for job creation, to foster job retention, to lessen the burden of government and to broaden the tax base through the development of the commercial, business, and industrial potential of Boone County.

B. It is the intent of the aforementioned municipalities to support economic development and the goals set forth above by assisting the county in the collection of charges relative to multifamily, commercial, or industrial development within their respective jurisdictions.

C. In connection therewith the county deems it appropriate and in the public welfare to provide for the payment of increased services from the BCEDC. [Ord. 2005-23 §§ 1 – 3]

3.15.020 Fund established.

In addition to and not as a substitution for financial assistance and support afforded the BCEDC from the general funds of the respective municipalities who are signatories to the ordinance codified in this chapter and interlocal agreement, there is hereby established and created as a means to pay for the services provided by the BCEDC a special “economic development service fund” (EDS fund) which shall serve as a depository for economic development charges collected pursuant to this chapter and interlocal agreement. The EDS fund shall be collected by the auditor of Boone County, Indiana for plats recorded in the auditor’s office and by the respective municipal entities on behalf of the county via interlocal agreement for residential, commercial and industrial development which may occur within their respective boundaries but without the necessity of platting in the auditor’s office of Boone County, Indiana. The respective collectors of the charges, to-wit: the auditor of Boone County, and the respective municipal entities (the EDS funds collected by the auditor of Boone County in the case of plats recorded in the auditor’s office of Boone County, Indiana, and by the appropriate municipal entities in cases where building permits are obtained without the necessity of platting) shall be administered/coordinated by the auditor of Boone County and paid directly to the BCEDC for the use, benefit, services and mission of the BCEDC on a semi-annual basis. The respective municipal entities shall set up their own mechanisms/funds for the purpose of collection and receipting of said charges for delivery to and administration by the auditor of Boone County.

The special economic development charge, designated as a contribution in aid of economic development within the county and the aforementioned municipalities, shall be and is hereby established as follows for any commercial, industrial, office or retail development within Boone County, Indiana:


0 – 19,999 sq. ft. building:	$100.00 charge
20,000 sq. ft. building – 49,999 sq. ft. building:	$250.00 charge
50,000 sq. ft. building – 149,999 sq. ft. building:	$500.00 charge
150,000 sq. ft. building – 249,999 sq. ft. building:	$1,000.00 charge
250,000 sq. ft. building (and above):	$2,000.00 charge

In addition, the special economic development charge designated as a contribution in aid of economic development within Boone County shall be and is hereby established for residential development in the sum of:

A. Seventy-five dollars per residential single-family lot. Only platted residential developments consisting of five or more residential lots are subject to said economic development charge.

B. For residential multifamily development, i.e., apartments, condominiums and town houses, in the sum of $50.00 per residential living unit.

Residential subdivisions which require platting shall have their charges collected by the auditor of Boone County and that commercial, industrial, office, retail and multifamily residential development which does not necessarily require platting shall have its economic development charge collected on behalf of the county by the appropriate municipal entities of the aforementioned municipalities. [Ord. 2005-23 § 4]

3.15.030 Payment required when.

All of the aforementioned shall require the payment of said charge either at the time of:

A. Recording the plats; or

B. At the time of the issuance of building permits.

The auditor or appropriate municipal entity of the respective municipalities shall provide receipt evidencing payment of the economic development charge as established under this chapter. All revenues collected under this chapter as an economic development charge shall be deposited into the aforementioned EDS fund, administered and coordinated by the auditor of Boone County, and paid directly to the BCEDC on a semi-annual basis for the use, benefit, services and mission of the BCEDC. Until the monies are remitted to the BCEDC they may be invested in accordance with the laws of the state of Indiana as applicable to county and municipal governments. Any interest or other return earned upon the investment of the funds may be utilized by the aforementioned municipalities as a means to offset any administrative expenses incurred as a result of the collection of charges.

Following the effective date of the ordinance codified in this chapter, on the first business day on or after April 1st and October 1st, the auditor shall transmit all funds collected by the aforementioned municipalities and Boone County to the BCEDC for the purpose of providing increased services and benefits described in this chapter and interlocal agreement. [Ord. 2005-23 § 5]

3.15.040 Amount modification – Term of agreement.

The amount of the economic development charge may be altered or modified only by amendment of the ordinance codified in this chapter. Any one of the signatories hereupon may request a formal review and evaluation of this chapter and interlocal agreement by the commissioners of Boone County, Indiana by filing said request at any time. At the time of adoption, it is the intent of the interlocal signatories hereupon that this agreement shall remain in full force and effect for an initial term of one year and shall be renewed annually thereafter. Should any municipality aforementioned wish to withdraw at the end of the initial one year term or any subsequent term, written notice of such intent shall be delivered to the office of BCEDC at least 90 days prior to the end of the current term. A withdrawal by one municipality shall not affect the validity of this chapter and interlocal agreement as to the remaining participants and this chapter shall continue in full force and effect for those remaining signatories hereupon. This chapter and interlocal agreement shall automatically be renewed for subsequent one- year terms unless the commissioners of Boone County, Indiana, or any of the other signatories, after formal review and evaluation, determine that this chapter and interlocal agreement should be modified or not be renewed and provide written notice of such intent to the EDC at least 90 days prior to the end of [the] current term. [Ord. 2005-23 § 6]