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Committee hears technical cleanup requests for innovation development district statute; sponsor holds bill for revision
Summary
Senate Bill 494 would set parameters for new innovation development districts (IDDs), including minimum private investment, state capture caps, and AAU university participation; county representatives asked for technical drafting fixes, and sponsor said the bill would be held for further language work.
Senate Bill 494 would impose parameters on newly designated innovation development districts including minimum private investment thresholds, caps on state capture of project value, and a requirement that an AAU‑designated university (IU, Purdue or Notre Dame) participate and invest at least $25 million of non‑state funding in…
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