1. (a) The city shall establish a plan for the stadium development district which shall be approved by ordinance or resolution of the designating body as provided in section 14 of this chapter.

2. (b) The plan must include the following provisions:

   1. (1) A description of the area consistent with section 14 of this chapter, including a list of all parcels included within the stadium development district.
   2. (2) Covenants and restrictions, if any, upon all or a part of the properties contained within the stadium development district and terms of enforcement of any covenants and restrictions.
   3. (3) A general description of any financial commitments of any owner or developer of property within the stadium development district.
   4. (4) The financial projections of the stadium development district.

   5. (5) The proposed use of the:

      1. (A) net increment; and

      2. (B) incremental property tax amount described in section 20(d) of this chapter;

         that is captured within the stadium development district, including the amount of any funds expected to be allocated to the business or businesses that are locating within the stadium development district as economic development incentives.

   6. (6) The aggregate percentage of annual incremental property tax revenue that will be transferred to the city under section 27(e) of this chapter. The aggregate percentage transferred may not be less than twelve percent (12%) of the annual amount of incremental property tax revenue deposited in the stadium development district fund established by section 27 of this chapter.
   7. (7) The public facilities to be developed for the stadium development district and the estimated costs of those public facilities.

   8. (8) Subject to the limitations of this chapter, the duration of the designation of the area as a stadium development district.

      Within fifteen (15) days of the approval thereof by the designating body, the city shall cause the plan, including any amendments thereto to the extent the designating body should amend the plan from time to time, to be filed with the board, the department of state revenue, and the department of local government finance.

3. (c) If the stadium development district will include territory located in an existing allocation area, the executive, the city and the board shall enter into an agreement establishing the terms and conditions governing the stadium development district in accordance with this section. The agreement must include the following provisions:

   1. (1) The provisions listed in subsection (b)(1) through (b)(8).
   2. (2) A provision prohibiting the city or other entity that established the applicable existing allocation area from incurring any additional obligations that require a pledge of future incremental property tax revenue to be paid from the applicable existing allocation area without first obtaining the consent of the city and the board.

   3. (3) A provision requiring the maintenance of all applicable property tax records for the parcel or parcels located within the stadium development district during the term of the stadium development district.

      If the executive and the city cannot enter into an agreement under this subsection, the designation of any portion of territory within the stadium development district within the existing allocation area will no longer be effective.

4. (d) The executive may discuss the terms of an agreement described in this section and hold a meeting as an executive session under IC 5-14-1.5-6.1 with the designating body.
5. (e) Within fifteen (15) days of entering into an agreement under subsection (c), the city shall submit a written report on the agreement to the budget committee, the department of state revenue, and the department of local government finance.

As added by P.L.44-2026, SEC.27.