The primary function of an economic development commission is to permit the use of conduit financing to enable private companies to borrow funds using the municipality’s name (usually to benefit from the municipality’s tax-exempt status or the TIF generated by the private development) to finance economic development projects.
Economic Development Commission Detailed Overview
Members
The members of the economic development commission shall be appointed by the town executive. One (1) of the members shall be selected by the town executive, one (1) shall be nominated by the fiscal body of the county in which the town is located, and one (1) shall be nominated by the town fiscal body. (I.C. 36-7-12-6)
- David Collins, President
- Christina Beil, Vice President
- Dewayne Dunn, Secretary
Meetings
An economic development commission shall meet within thirty (30) days after its original appointment, at a time and place designated by the executive of the unit, for the purpose of organization, and shall meet to reorganize in February of each succeeding year.