(A) Residential investment incentives, in the form of deductions, relating to the construction of residential real property shall be granted by the Council only when the Council finds that the facility to be constructed is located in a economic development target area following findings by the Council made pursuant to state statutes and the further provisions of this section.
(B) Before the City Council determines that a residential investment incentive is appropriate for property within the economic development target area, and after following procedures, the City Council shall further make all the following findings pertaining to said property.
(1) The facility to be constructed consists or consisted of new construction intended for the habitation by a single-family unit, including rental units and/or adjoining condominiums for single families.
(2) Construction of the facility commenced on or after May 1, 2001.
(3) The totality of benefits to the community is sufficient to justify the deduction.
(C) The City Plan Commission shall recommend and the City Council may grant a deduction for three years pursuant to the schedule found in the state statutes.
(D) The City Plan Commission shall be entitled to charge a fee of $50 for each application for the residential investment incentives.
(Ord. 7, 2001, passed 9-18-2001)