§ 7-53-308. Corporation Nonprofit — Net Earnings — Transfer of Assets
The corporation shall be a nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation, except that in the event the board of directors of the corporation shall determine that sufficient provision has been made for the full payment […]
§ 7-53-309. Bonds as Legal Investments and Lawful Security
Bonds issued under the authority of this chapter and secured by a pledge of full faith and credit shall be and are hereby declared to be legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, fiduciaries, trustees, guardians and for all public funds of the state, including, but […]
§ 7-53-310. Acquisition and Transfer of Project Sites
Any municipality may acquire a project site by gift, purchase, lease, or condemnation, and may transfer any project site to a corporation by sale, lease, or gift. Such transfer may be authorized by a resolution of the governing body of the municipality without submission of the question to the voters, and without regard to the […]
§ 7-53-311. Lease or Lease-Purchase Agreement With Municipality Authorized — Tax Levy
Any city, county or metropolitan government is authorized to enter into any lease or lease-purchase agreement of a project from a corporation, for such term or terms and upon such conditions as may be determined by the governing body of such city, county or metropolitan government, notwithstanding and without regard to the restrictions, prohibitions or […]
§ 7-53-312. Preparation and Submission of Economic Impact Plan for Counties Other Than Those With a Metropolitan Government and a Population Exceeding 500,000
The corporation is authorized to prepare and submit to the municipality for approval an economic impact plan in the manner described in this section. An economic impact plan shall be a written document and shall specifically identify the area to be included in the plan. The area to be included in the plan must be […]
§ 7-53-313. Purpose
Notwithstanding any provision of this chapter or any other law to the contrary, this chapter shall be liberally construed to carry out the following purposes and objectives: The policies and practices of industrial development corporations shall ensure that minority-owned and other disadvantaged businesses share more fully in the American economic system of private enterprise through […]
§ 7-53-314. Preparation and Submission of Economic Impact Plan for Counties With a Metropolitan Government and a Population Exceeding 500,000
The corporation is authorized to prepare and submit to the governing body of the municipality for approval an economic impact plan in the manner described in this section. An economic impact plan shall be a written document and shall specifically identify the area to be included in the plan. The area to be included in […]
§ 7-53-315. Authority for Municipality to Aid or Provide Assistance for Certain Projects
Notwithstanding §§ 7-53-306 and 7-53-307, in any municipality in which there has been created a central business improvement district pursuant to chapter 84 of this title, the municipality is authorized to aid or otherwise provide assistance, including without limitation, granting, contributing or pledging to, or for the benefit of the corporation, revenues derived from any […]
§ 7-53-316. Redevelopment of Brownfield Sites in Economically Disadvantaged Areas
It is the intent of the general assembly to encourage the redevelopment of brownfield sites in economically disadvantaged areas within this state. In addition to the authorization provided in § 7-53-312, a corporation located in a municipality in which an urban brownfield redevelopment project is located is also authorized to prepare and submit to the […]
§ 7-53-317. Parcels of Property Located on Remediation Site
As used in this section: “Local government” means any home rule municipality; and “Remediation site” means a site containing at least one thousand three hundred (1,300) acres that have been held by the United States department of energy due to an extended period of environmental remediation and conveyed by the United States department of energy […]