(A)
Deductions relating to the construction of residential real property and renovation of residences leading to increased assessed value shall be granted by the Common Council only when the Common Council finds that the facility to be constructed or renovated is located in an economic development target area following the findings of the Common Council made pursuant to IC 6-1.1-12.1-7 and further provisions of this section.
(B) Before the Common Council determines that an abatement is appropriate for real property within an economic development target area, and after following procedures required by IC 6-1.1-12.1-7, the Common Council shall further make all of the following findings pertaining to said property:
(1) That the facility to be constructed consists of new construction and/or renovation of residences leading to increased assessed value intended for the habitation by a single family unity;
(2) That the construction or renovation of the facility is intended to commence not later than December 31, 2025; and
(3) That the remodel be substantial in nature as to significantly increase the assessed value, said requirement being satisfied by listing the improvements to be made.
(C) Abatements granted under this section shall be for five years and the granting of abatements under the provisions of this section shall terminate on December 31, 2025 unless otherwise amended or extended under a further ordinance. The termination of the provisions of this section on December 31, 2025 shall not affect the length of time of abatements granted prior to such termination.
(Ord. 4765, passed 4-17-06; Am. Ord. 6641, passed 7-6-20)