The resolution establishing the tax area must designate the use of the funds. The funds are to be used only for the following:

1. (1) Except in a tax area in:

   1. (A) the city of Fort Wayne; or

   2. (B) the city of Gary;

      a capital improvement that will construct or equip a facility owned by the city, the county, a school corporation, or a board under IC 36-9-13 , IC 36-10-8 , IC 36-10-10 , or IC 36-10-11 and used by a professional sports franchise for practice or competitive sporting events. In a tax area to which this subdivision applies, funds may also be used for a capital improvement that will construct or equip a facility owned by the city, the county, or a board under IC 36-9-13 , IC 36-10-8 , IC 36-10-10 , or IC 36-10-11 and used for any purpose specified in section 8(a)(2) of this chapter.

2. (2) In the city of Fort Wayne, a capital improvement that will construct or equip a facility owned by the city, the county, a school corporation, or a board under IC 36-9-13 , IC 36-10-8 , IC 36-10-10 , or IC 36-10-11 and used for any purpose specified in section 8(a) of this chapter.
3. (3) In the city of Gary, a capital improvement that will construct or equip a facility owned by the city, the county, or a board under IC 36-9-13 , IC 36-10-8 , IC 36-10-10 , or IC 36-10-11 and used for any purpose specified in section 8(a)(1) or 8(a)(2) of this chapter.
4. (4) The financing or refinancing of a capital improvement described in subdivision (1), (2), or (3) or the payment of lease payments for a capital improvement described in subdivision (1), (2), or (3).

As added by P.L.255-1997(ss), SEC.20. Amended by P.L.178-2002, SEC.131; P.L.64-2004, SEC.37; P.L.119-2012, SEC.213; P.L.104-2022, SEC.195.