1. (a) The development authority shall use the money in the fund to provide grants to the city of Gary for use in paying the reasonable and necessary costs associated with demolishing a qualified property located in the territory of a current or future transit development district or in the area surrounding the Gary Metro Center, including:

   1. (1) demolition costs;
   2. (2) permit fees;
   3. (3) abatement of any hazardous materials;
   4. (4) air monitoring at demolition sites;
   5. (5) site grading; or
   6. (6) replacement of damaged sidewalk, including any associated work.

2. (b) If the amount of money in the fund is greater than the amount needed for the purpose described in subsection (a), as determined by the development authority, the development authority may use money in the fund:

   1. (1) to provide grants to the city of Gary for paying reasonable and necessary costs, as described in subsection (a), that are associated with demolishing a qualified property located in an area that is contiguous to the territory of a current or future transit development district; or
   2. (2) for purposes of preliminary planning and design of the Gary Metro Center station revitalization project.

3. (c) Money in the fund may not be used for any of the following purposes:

   1. (1) City administrative costs, including project management.
   2. (2) Property acquisition or redevelopment.

As added by P.L.195-2023, SEC.6.