1. (a) The general assembly finds the following:

   1. (1) Northwest Indiana, including the city, faces unique and distinct challenges and opportunities related to economic development issues associated with the construction of facilities that would host professional sporting and entertainment events in the city.
   2. (2) A unique approach is required to ensure that the facilities can be maintained to allow northwest Indiana to meet these challenges and opportunities.
   3. (3) The powers and responsibilities provided to the city, the authority, and the board by this chapter are appropriate and necessary to carry out the public purposes of encouraging and fostering economic development in northwest Indiana and constructing facilities that would host professional sporting and entertainment events in the city.

   4. (4) Encouragement of economic development in Indiana will:

      1. (A) generate significant economic activity, which may attract new businesses and encourage existing businesses to remain or expand in northwest Indiana;
      2. (B) promote northwest Indiana to residents outside Indiana, which may attract residents outside Indiana and new businesses to relocate to northwest Indiana;
      3. (C) protect and increase state and local tax revenues; and
      4. (D) encourage overall economic growth in northwest Indiana and in Indiana.

2. (b) Northwest Indiana faces unique challenges in the development of infrastructure and other facilities necessary to promote economic development:

   1. (1) as a result of its need to rely on sources of revenue other than property taxes;
   2. (2) due to the large number of tax exempt properties located in northwest Indiana; and
   3. (3) because northwest Indiana is the site of numerous state and regional nonprofit corporations.
3. (c) Economic development benefits the health and welfare of the people of Indiana, is a public use and purpose for which public money may be spent, and is of public utility and benefit.

As added by P.L.44-2026, SEC.26.