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[s29] Sen. Delph: Senate Approves Legislation Regarding IEDC Transparency
Start Date: 2/26/2013Start Time: 12:00 AM
End Date: 2/26/2013End Time: 11:59 PM
Entry Description

STATEHOUSE (Feb. 26, 2013) – Legislation authored by State Sen. Mike Delph (R-Carmel) to set new transparency guidelines for the Indiana Economic Development Corporation (IEDC) passed the Senate today by a vote of 49-1.

Senate Bill 162 would require the IEDC to collect annual information regarding job creation and projected outcomes from businesses receiving economic-development incentives. This data would then be assembled into a compliance report for public review.

As amended, SB 162 now mandates that IEDC do the following:

  • Make final incentive contracts available to the public more quickly. IEDC cannot delay release of signed incentive agreements by arguing there could be another deal pending.
  • Publish an annual incentives and compliance report that includes active projects dating back to IEDC’s inception in 2005, instead of only projects dating back to 2007 as currently provided.
  • Report the aggregate number of jobs actually created, not simply those anticipated.
  • Release the amount of grants and loans actually paid to each recipient, rather than only the total amount each recipient is approved to receive during the term of the incentive agreement.
  • Hold companies more accountable for both anticipated job creation and their anticipated level of financial investment.

“In the past, the IEDC has not been required to collect and release all of this information,” Delph said. “When a public benefit is given to a private company, that lack of transparency is unacceptable. The public deserves to know if publicly-administered and funded economic-development incentives are accomplishing what the providers and recipients say they will. My bill will accomplish just that.”

The legislation now moves to the House of Representatives for further consideration.

Contact Information:
Name: Tracy Lytwyn
Phone: 317-234-9221
Email: tlytwyn@iga.in.gov
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Entry Type:
Press Release
Entry Category:
  • Announcements
  • IN.gov Category:
  • Business & Employment
  • Agency Name
    Senate Republican Caucus

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