§ 271-103. Definitions.

As used in this chapter, the following terms shall have the meanings ascribed to them in this section:

Affordable housing means a residential rental housing project owned by a governmental entity, a non-profit entity described in Section 501(c)(3) and any other entity which operates the project in compliance with the provisions of Section 142(d)(1)(A) or (B) or Section 42(g) of the Internal Revenue Code of 1986, as amended, and which serves one or more of the following purposes:

(a)

To benefit low-income and moderate-income persons;

(b)

To prevent or eliminate slums or blight; or

(c)

To respond to community development needs having a particular urgency because existing conditions pose a serious and immediate threat to the health or welfare of the community.

Arts Council means the Arts Council of Indianapolis.

Capital improvement project means any capital project for which the city has provided or agreed to provide an economic incentive to a Recipient, for the construction or substantial renovation of any building, facility, or open space to which the public is generally invited; provided, however, that the term does not include the portion of a project that consists of affordable housing.

Construction costs means the total amount appropriated or otherwise allocated for a capital improvement project (including funding from outside sources which permit the acquisition of artwork for the eligible project with such funds).

Economic incentive means any direct or indirect use of tax increment funds for the benefit of a recipient, including but not limited to grants, loans, pledges, and bond sale proceeds.

Public art for neighborhoods fund means the special, non-reverting fund established by section 271-105.

Public art for neighborhoods selection committee means the selection committee created by section 271-106(b).

Recipient means any individual, partnership, association, organization, corporation or other entity, whether public or private, whether for profit or not for profit, which receives an economic incentive from the city for a capital improvement project.

(G.O. 16, 2016, § 1)