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 I.C. 6-1.1-12.1-7, the Council shall make all the following findings pertaining to said property:
(A) That the facility to be constructed consists of new construction intended for the habitation of a single-family unit;
(B) That the applicant has not initiated his or her redevelopment project prior to having submitted a completed statement of benefits form to the Council; and
(C) That the construction of the facility will commence not later than 12 months from the date that the Common Council passes its confirming resolution under I.C. 6-1.1-12.25(c); and
(D) (1) That the total project for which the applicant seeks abatement consists of not less than one separate free standing structure, which shall be intended for residential usage as an owner occupied single- family dwelling.
(2) The term
OWNER OCCUPIED SINGLE-FAMILY DWELLING shall include single-family homes and buildings constructed Indiana's Horizontal Property Law, as amended. Multi-family units shall not qualify for the deduction allowed hereunder for residential tax abatement, but may qualify for real property tax deduction as may otherwise be allowable under I.C. 6-1.1-12.1.
(E) Any abatement allowed pursuant to this subchapter shall be over a three-year period. The percentage to be used in calculating deductions on real property improvements over such three-year period shall be as follows:
Year of deduction Percentage abated
1st 100%
2nd 66%
3rd 33%
(Ord. CO-04-31, passed 1-10-05; Am. Ord. CO-06-13, passed 3-27-06; Am. Ord. CO-07-01, passed 1-8-07)