Committee hears technical cleanup requests for innovation development district statute; sponsor holds bill for revision
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.
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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 a project.
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