Sec. 30. (a) Before a lease may be entered into by an eligible participant under this chapter, the eligible participant must find that the lease rental provided for is fair and reasonable. (b) A lease of land or an economic improvement project from the commission to an eligible participant or Indiana nonprofit corporation: (1) may not have a term exceeding twenty (20) years; (2) may not require payment of lease rentals for a newly constructed economic improvement project or for improvements to an existing economic improvement project until the economic improvement project or improvements to the economic improvement project have been completed and are ready for occupancy or use; (3) may contain provisions: (A) allowing the eligible participant or Indiana nonprofit to continue to operate an existing economic improvement project until completion of the acquisition, improvements, reconstruction, or renovation of that economic improvement project or any other economic improvement project; and (B) requiring payment of lease rentals for land, for an existing economic improvement project being used, reconstructed, or renovated, or for any other existing economic improvement project; (4) may contain an option to renew the lease for the same or a shorter term on the conditions provided in the lease; (5) must contain an option for the eligible participant or Indiana nonprofit corporation to purchase the economic improvement project 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 economic improvement project, including indebtedness incurred for the refunding of that indebtedness; (6) may be entered into before acquisition or construction of an economic improvement project; (7) may provide that the eligible participant shall agree to: (A) pay any taxes and assessments on the economic improvement project; (B) maintain insurance on the economic improvement project for the benefit of the commission; (C) assume responsibility for utilities, repairs, alterations, and any costs of operation; and (D) pay a deposit or series of deposits to the commission from any funds available to the eligible participant before the start of the lease to secure the performance of the eligible participant's obligations under the lease; and (8) must provide that the lease rental payments by the eligible participant shall be made from the commission fund established under section 28 of this chapter and may provide that the lease rental payments by the eligible participant shall be made from: (A) net revenues of the economic improvement project; (B) any other funds available to the eligible participant; or (C) both sources described in clauses (A) and (B).
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