Use of money in the fund

Sec. 5. (a) The development authority shall use the money in the fund for planning costs, design costs, engineering costs, and architectural costs, and to provide matching funds needed for federal matching grants for the demolition and reconstruction of the Gary Metro Center station. The development authority shall reconstruct the Gary Metro Center station and coordinate among the several transit authorities, the city of Gary, and the federal government in accomplishing the replacement of the facility. (b) If the amount of money in the fund is greater than the amount needed for the purposes described in subsection (a), as determined by the development authority, the development authority may use money in the fund: (1) to provide grants to the city of Gary for paying reasonable and necessary costs associated with demolishing a qualified property (as defined in IC 36-7.5-6-3) located in an area that is contiguous to the territory of a current or future transit development district; (2) for purposes of revitalizing property contiguous to the territory of a current or future transit development district; (3) for other costs related to expansion of the Gary Metro Center station; and (4) for purposes of paying expenses for enhancing public safety in the area immediately surrounding the Gary Metro Center station and within the established transit development district.