Sec. 1. The northwest Indiana regional development authority is established as a separate body corporate and politic to carry out the purposes of this article by:
(1) acquiring, constructing, equipping, owning, leasing, and financing projects and facilities for lease to or for the benefit of eligible political subdivisions under this article in accordance with IC 36-7.5-3-1.5;
(2) funding and developing the Gary/Chicago International Airport expansion and other airport authority projects, commuter transportation district and other rail projects and services, regional bus authority projects and services, regional transportation authority projects and services, Lake Michigan marina and shoreline development projects and activities, and economic development projects in northwestern Indiana;
(3) assisting with the funding of infrastructure needed to sustain development of an intermodal facility in northwestern Indiana;
(4) funding and developing regional transportation infrastructure projects under IC 36-9-43; and
(5) studying and evaluating destination based economic development projects that have:
(A) an identified market;
(B) identified funding sources and these funding sources include at least fifty percent (50%) from nongovernmental sources; and
(C) a demonstrable short and long term local and regional economic impact, as verified by an independent economic analysis.
An economic analysis conducted under clause (C) must be submitted to the budget committee at least thirty (30) days before review is sought for the project under IC 36-7.5-3-1.5.
As added by P.L.214-2005, SEC.73. Amended by P.L.47-2006, SEC.54; P.L.197-2011, SEC.150; P.L.192-2015, SEC.9; P.L.204-2016, SEC.37; P.L.229-2017, SEC.37.