Ind. Code ch. 5-28-5

in effect

Ind. Code § 5-28-5-1 Economic development functions

Sec. 1. The corporation shall carry out the economic development functions of the state in conformity with the laws enacted by the general assembly. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-5-2 Grant of necessary and appropriate powers; property purchase and sale; notice and reporting requirements

Sec. 2. (a) Subject to subsection (b), the corporation is granted all powers necessary or appropriate to carry out the corporation's public and corporate purposes under this chapter. (b) Before the corporation may purchase land in a county that in total exceeds one hundred (100) acres whether acquired in one (1) transaction or a series of transactions, the corporation must first give notice, in writing, to the board of county commissioners of the county in which the land is located not later than thirty (30) days before the closing date for the purchase or purchases. If the land is located within a city, the corporation must also give notice in writing to the mayor of the city in which the land is located not later than thirty (30) days before the closing date. (c) At the same time the corporation provides the notice described in subsection (b) to the county or municipality, or both, in which the land is located, the corporation shall also provide a copy of the notice described in subsection (b) to the budget committee. (d) Not later than thirty (30) days after the closing date for any purchase or sale of land, regardless of the amount of acreage, the corporation shall submit to the budget committee a report concerning the purchase or sale that must at least include: (1) the location and address of the land; (2) a general description of the land, including any improvements located on the land; (3) the total price of the purchase or sale, including the price of the land and of any improvements located on the land; and (4) the price paid or received per acre, as applicable. As added by P.L.4-2005, SEC.34. Amended by P.L.145-2025, SEC.3; P.L.162-2026, SEC.1.

Ind. Code § 5-28-5-3 Employees and agents; contracts

Sec. 3. (a) Subject to approval by the budget agency, the corporation may, without the approval of the attorney general, employ legal counsel, technical experts, and other officers, agents, and employees, permanent or temporary, the corporation considers necessary to carry out the efficient operation of the corporation. (b) Subject to approval by the budget agency, the corporation may enter into contracts without the approval of the attorney general. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-5-4 Terms of employment; retirement fund and employee benefits

Sec. 4. (a) The corporation shall determine qualifications, duties, compensation, and terms of service for persons employed by the corporation as employees or as independent contractors. (b) The board may adopt a resolution providing that the corporation's employees who are eligible to participate in the public employees' retirement fund under the eligibility requirements set forth in IC 5-10.2 and IC 5-10.3 shall participate in the fund. (c) The board may adopt a resolution to allow the corporation's employees to participate in group insurance and other benefit plans, including the state employees' deferred compensation plan, that are available to state employees. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-5-5 Ethics

Sec. 5. The board and the employees of the corporation are: (1) under the jurisdiction of and rules adopted by the state ethics commission; and (2) subject to ethics rules and requirements that apply to the executive branch of state government. However, the board may adopt additional ethics rules and requirements that are more stringent than those adopted by the state ethics commission. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-5-6 Advisory committee

Sec. 6. The board may establish an advisory committee to advise the board and the corporation on issues determined by the board. The advisory committee may: (1) have members that represent diverse geographic areas and economic sectors of Indiana; and (2) include members or representatives of local economic development organizations. As added by P.L.4-2005, SEC.34. Amended by P.L.201-2023, SEC.84.

Ind. Code § 5-28-5-6.5 Small business division

Sec. 6.5. The board may maintain a small business division to carry out the corporation's duties under IC 5-28-17. The board shall staff the division with employees of the corporation. As added by P.L.56-2009, SEC.2. Amended by P.L.187-2014, SEC.12; P.L.145-2016, SEC.5.

Ind. Code § 5-28-5-7 Contract, tort, and civil rights claims

Sec. 7. For purposes of IC 34-13-2, IC 34-13-3, and IC 34-13-4, the board and the employees of the corporation are public employees (as defined in IC 34-6-2.1-54). As added by P.L.4-2005, SEC.34. Amended by P.L.186-2025, SEC.61.

Ind. Code § 5-28-5-8 Adoption of rules

Sec. 8. The corporation shall adopt rules under IC 4-22-2 to carry out its duties under this article. As added by P.L.4-2005, SEC.34. Amended by P.L.140-2013, SEC.4; P.L.93-2024, SEC.44.

Ind. Code § 5-28-5-9 Public meetings and public records laws

Sec. 9. Except as specifically provided by law, the corporation and the board are subject to IC 5-14-1.5 and IC 5-14-3. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-5-10 Reimbursement of employee expenses

Sec. 10. An employee of the corporation is entitled to reimbursement for traveling expenses as provided under IC 4-13-1-4 and other expenses actually incurred in connection with the employee's duties as approved by the budget agency. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-5-11 Request for appropriations

Sec. 11. The corporation may request appropriations from the general assembly to: (1) carry out the corporation's duties under this article; and (2) fund economic development and job creation programs. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-5-12 Promotion fund

Sec. 12. (a) The Indiana promotion fund is established within the state treasury. (b) Except as provided in section 13 of this chapter, the corporation shall deposit the following in the fund: (1) All funding received from the private sector under IC 5-28-6-1(6). (2) All other gifts, donations, bequests, devises, and contributions received by the corporation. (c) The corporation shall administer the fund. The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as public money may be invested. Interest that accrues from these investments shall be deposited in the fund. (d) Money in the fund at the end of a state fiscal year does not revert to the state general fund. (e) Except as provided in the terms of a gift, a donation, a contribution, a bequest, a devise, or other private sector funding, money in the fund may be used at the discretion of the board to carry out in any manner the corporation's purposes under this article. (f) Money in the fund may be transferred to any fund administered by the corporation. (g) Money in the fund is continuously appropriated to the corporation for the purposes of this article. As added by P.L.4-2005, SEC.34.

Ind. Code § 5-28-5-13 Nonprofit subsidiary corporation

Sec. 13. (a) Notwithstanding section 12 of this chapter, the board may establish a nonprofit subsidiary corporation to solicit and accept private sector funding, gifts, donations, bequests, devises, and contributions. (b) A subsidiary corporation established under this section: (1) must use money received under subsection (a) to carry out in any manner the purposes and programs under this article; (2) must report to the budget committee each year concerning: (A) the use of money received under subsection (a); and (B) the balances in any accounts or funds established by the subsidiary corporation; and (3) may deposit money received under subsection (a) in an account or fund that is: (A) administered by the subsidiary corporation; and (B) not part of the state treasury. (c) Except as provided in IC 5-11-1-9(k), the state board of accounts shall audit a subsidiary corporation established under this section. As added by P.L.4-2005, SEC.34. Amended by P.L.181-2015, SEC.24; P.L.237-2017, SEC.18; P.L.209-2019, SEC.6; P.L.59-2023, SEC.18; P.L.58-2023, SEC.5.

Ind. Code § 5-28-5-14 Fees and charges

Sec. 14. The corporation may fix and revise periodically, and charge and collect, fees and charges that the corporation determines to be reasonable in connection with: (1) the corporation's loans, guarantees, advances, insurance, commitments, and servicing; and (2) the use of the corporation's services or facilities. As added by P.L.162-2007, SEC.21.

Ind. Code § 5-28-5-15 Powers in the event of default

Sec. 15. The corporation may take assignments of accounts receivable, loans, guarantees, insurance, notes, mortgages, security agreements securing notes, and other forms of security, attach, seize, or take title by foreclosure or conveyance to an economic development project when a guaranteed loan on the economic development project is clearly in default and when in the opinion of the corporation such an acquisition is necessary to safeguard the industrial development project guaranty fund, and sell, or on a temporary basis, lease or rent the economic development project for any use. As added by P.L.162-2007, SEC.22. Amended by P.L.189-2018, SEC.43.

Ind. Code § 5-28-5-16 Recommendations; economic development tools; local communities in distressed areas

Sec. 16. The corporation may study and develop recommendations for economic development tools for local communities in distressed areas, particularly within the city of Elkhart, the city of Gary, and the city of Indianapolis, where: (1) the unemployment rate within the local community is greater than the state unemployment rate; or (2) twenty percent (20%) or more of individuals residing in the local community have a household income that is equal to or less than the federal poverty level as determined by the federal Office of Management and Budget. As added by P.L.238-2017, SEC.1.

Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/5Fetched: 10/17/2026