1. (a) The board or its designee shall establish a stadium development district fund for the stadium development district designated under section 14 of this chapter.

2. (b) The fund consists of:

   1. (1) deposits of incremental property tax revenue from the county auditor as provided in section 20(d) of this chapter; and
   2. (2) transfers from the department of state revenue under section 26 of this chapter.
3. (c) The board or its designee shall administer the stadium development district fund established under this section. The expenses of administering each fund shall be paid from money in the fund.

4. (d) The board may use money in each fund for the following purposes:

   1. (1) The acquisition, improvement, preparation, demolition, disposal, construction, reconstruction, remediation, rehabilitation, restoration, preservation, maintenance, repair, furnishing, and equipping of public facilities, including but not limited to any stadiums, parking facilities or training facilities, utilities and transportation infrastructure.
   2. (2) The acquisition of land whether or not located within the stadium development district but within the city.
   3. (3) The recruitment of new businesses and new employees to the stadium development district.
   4. (4) The payment of economic development incentives granted by the Indiana economic development corporation to businesses located within the boundaries of the stadium development district.
   5. (5) To reimburse the state of Indiana or the Indiana finance authority created by IC 5-1.2-3 for expenditures described in subdivisions (1) through (4).
   6. (6) The payment of debt service payments or lease rental obligations due and payable during the state fiscal year for bonds issued by, or leases entered into by, the board or the northwest Indiana stadium authority created by IC 5-1-17.1 , including any such obligations to finance all or any part of any stadiums, parking facilities, or training facilities, whether or not located within the stadium development district but within the city.
5. (e) Not later than August 1 of each year, the board shall transfer an amount of incremental property tax revenue that may not be less than twelve percent (12%) of the annual amount of incremental property tax revenue deposited under subsection (b)(1) to the general fund of the city. A transfer under this subsection does not reduce the actual or maximum permissible levy of the city and may not be considered in determining the city's maximum permissible ad valorem property tax levy limit under IC 6-1.1-18.5 .
6. (f) Money in the stadium development district fund at the end of a state fiscal year does not revert to the state general fund.
7. (g) Money in the stadium development district fund is continuously appropriated for the purposes specified in this section.

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