November 2003
WHAT DOES IT TAKE TO HAVE A CERTIFIED TECHNOLOGY PARK IN PLYMOUTH?
House Enrolled Act 1001ss, which was passed as part of the 2002 Special Session of the General Assembly, authorized the establishment of certified technology parks in Indiana. The new law, found in Indiana Code 36-7-32, encourages the location of high-technology businesses within areas identified by local redevelopment commissions. The effective date for the statute is January 1, 2003.
Establishing a local technology park is a key step to creating high-tech - high paying jobs. The recession has been exceptionally difficult on traditional manufacturing. State Representative Steven M. Heim said “House District 17 has lost thousands of manufacturing jobs because of industry consolidations and foreign competition, and the State of Indiana leads the nation in lost jobs. If we are going to reverse these trends, then we have to make a serious effort in diversifying our local economy. We need to balance our traditional manufacturing jobs with high technology jobs and the technology park model is one of the best ways to accomplish our goal.”
The interest in developing a certified technology park in Plymouth is ever increasing. Through the efforts of State Representative Steven M. Heim, on November 6 a group of government officials, educators, business owners and other interested individuals toured Purdue University's Technology Park. The purpose of this tour is to help generate new ideas and the momentum needed in Plymouth's efforts to establish a local technology park.
The use of the technology park model is becoming the state wide standard. Purdue is determined to play a significant role in economic development. One of the several State criteria that must be met in developing a certified technology park is a demonstration of significant support from an institution of higher education or a private research-based institute located within, or in the vicinity of, the proposed certified technology park.
There are a series of steps and criteria that must be met to have a certified technology park. The process of doing the homework, as with the visit to Purdue, and the cooperation between the Redevelopment Commission, local and State government and community participants will make meeting these steps possible.
Certification Benefits
After an area receives designation as an Indiana Certified Technology Park, the Redevelopment Commission may adopt a resolution designating the park as an allocation area for the purpose of allocating and distributing taxes into a certified technology park fund. They may do so only after notice is published and a public hearing is held. The State Treasurer establishes an incremental tax fund and on a monthly basis, monies are distributed for deposit into the certified technology park fund. These funds may be used for purposes associated with the operations of the Technology Park. The redevelopment commission may also adopt a resolution that establishes a property tax credit for each taxpayer located within the certified technology park after an allocation area is established.
The Indiana Department of Commerce (IDOC) office will maintain a list, including online access, of Indiana Certified Technology Parks. The listing will be provided to prospective companies that are engaged in high-technology activities or have expressed an interest in locating in an area that would fit the description of the certified technology parks.
The Indiana Department of Commerce web site is www.indianacommerce.com. |
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