(A)   The Town Council acquired, developed, and now owns a parcel of real estate within the town as described in deed record book 381 at page 450 in the office of the Wayne County Recorder. Only one lot in one section of the industrial park development has been sold and is used as a waste compaction station. The Town Council finds that since acquisition of the area by the town on 12-8-1975 there has been a lack of development in the industrial park area, a cessation of growth, and a general decline in the economy affecting further establishment of industrial use of the park without further stimulation and encouragement by appropriate governmental action available under state law to grant tax abatement inducements to attract new or expanded industrial development.
   (B)   The Town Council now finds that the part of the Hagerstown Industrial Park now owned by the town as described in that certain deed from Dana Corporation to the town dated 12-8-1975 and recorded in deed record book 381 at page 450 of the records of the Wayne County Recorder, excepting therefrom that portion of Section one of the real estate previously conveyed to Hagerstown Industrial Complex, Inc., has become impossible of normal development because of a lack of development and cessation of growth and is an Urban Development Area within the provisions of I.C. 6-1.1-12.1-1 et seq. and those persons hereafter acquiring parcels of land in the described Hagerstown Industrial Park for closed industrial use shall be eligible to make application for the property tax relief as is available under Indiana law.
(Res. 2-1983, passed l-19-1983)