1. (a) Before a lease may be entered into by the stadium board under this chapter, the stadium board must find that the lease rental provided for is fair and reasonable.

2. (b) A lease or sublease of land or capital improvements from the authority, or from a state agency under section 25 of this chapter, to the stadium board:

   1. (1) may not have a term exceeding forty (40) years;
   2. (2) may not require payment of lease rentals for a newly constructed capital improvement or for improvements to an existing capital improvement until the capital improvement or improvements thereto have been completed and are ready for occupancy;

   3. (3) may contain provisions:

      1. (A) allowing the stadium board to continue to operate an existing capital improvement until completion of the improvements, reconstruction, or renovation of that capital improvement or any other capital improvement; and
      2. (B) requiring payment of lease rentals for land, for an existing capital improvement being used, reconstructed, or renovated, or for any other existing capital improvement;
   4. (4) may contain an option to renew the lease for the same or shorter term on the conditions provided in the lease;
   5. (5) must contain an option for the stadium board to purchase the capital improvement upon the terms stated in the lease during the term of the lease for a price equal to the amount required to pay all indebtedness incurred on account of the capital improvement, including indebtedness incurred for the refunding of that indebtedness;
   6. (6) may be entered into before acquisition or construction of a capital improvement;

   7. (7) may provide that the stadium board shall agree to:

      1. (A) pay all taxes and assessments thereon;
      2. (B) maintain insurance thereon for the benefit of the authority;
      3. (C) assume responsibility for utilities, repairs, alterations, and any costs of operation; and
      4. (D) pay a deposit or series of deposits to the authority from any funds legally available to the stadium board before the commencement of the lease to secure the performance of the stadium board's the obligations under the lease;

   8. (8) subject to IC 36-10-9.5-11 , may provide that the lease rental payments by the stadium board shall be made from:

      1. (A) proceeds of the Hammond admissions tax imposed under IC 6-9-78 , which the stadium board or its designee receives pursuant to that chapter;
      2. (B) that part of the proceeds of the Lake County and Porter County food and beverage tax imposed under IC 6-9-36 , which the stadium board or its designee receives pursuant to that chapter;
      3. (C) that part of the proceeds of the Hammond food and beverage tax imposed under IC 6-9-58 , which the stadium board or its designee receives pursuant to that chapter;
      4. (D) that part of the proceeds of the Lake County innkeeper's tax imposed under IC 6-9-2 , which the stadium board or its designee receives pursuant to that chapter;
      5. (E) revenue captured under IC 36-7-31.6 ;
      6. (F) revenue captured under IC 36-7-32.6 ;
      7. (G) any other funds available to the stadium board; or
      8. (H) any combination of the sources described in clauses (A) through (G);
   9. (9) subject to subdivision (10), may provide that the stadium board is responsible for the operation and maintenance of the capital improvement upon completion of construction, including the negotiation and maintenance of agreements with tenants or users of the capital improvement;
   10. (10) must provide that, during the term of the lease, the authority retains the right to approve any lease agreements and amendments to any lease agreements between the stadium board and any National Football League franchised professional football team that will use the capital improvement; and

   11. (11) must provide that:

       1. (A) subject to the terms of the lease, the stadium board will retain all revenues from operation of the capital improvement; and
       2. (B) the authority has no responsibility to fund the ongoing maintenance and operations of the capital improvement.
3. (c) The stadium board may designate the authority as its agent to receive on behalf of the stadium board any of the revenues identified in subsection (b)(8).
4. (d) All information prepared by the stadium board or a political subdivision served by the stadium board with respect to a capital improvement proposed to be financed under this chapter, including a construction budget and timeline, must be provided to the budget director.

As added by P.L.44-2026, SEC.1.