The Council shall consider all findings of fact pertaining to an application for tax abatement.
(A) The Council, in its deliberations, may, pursuant to IC 6-1.1-12.1-2, give consideration to the following general standards to determine if:
(1) The proposed use of the real estate for which a deduction is being sought is consistent with the land use policies contained in the Huntertown Comprehensive Plan adopted by the Council;
(2) The deduction will assist in the inducement of a project that will result in the retention and/or creation of substantial employment opportunities relative to the value of the investment;
(3) The deduction will encourage the use of vacant or under-utilized land or improvement or replacement of a deteriorated or obsolete structure designated as appropriate for industrial or commercial development;
(4) The deduction will encourage the improvement or replacement of deteriorated or obsolete manufacturing equipment; or
(5) The deduction will assist in the inducement of a project which would provide long-term benefits to the tax base of the Town of Huntertown and Allen County warranting the granting of abatement.
(B) In all instances, the Council shall find that evidence has been provided either in the application or during the public hearing that the real estate proposed for designation is either in an area "which has become undesirable for, or impossible of, normal development and occupancy because of a lack of development, cessation of growth, deterioration of improvements or character of occupancy, age, obsolescence, substandard buildings, or other factors which have impaired values or prevent a normal development of property or use of property" or "where a facility or a group of facilities that are technologically, economically, or energy obsolete are located and where the obsolescence may lead to a decline in employment and tax revenues".
(C) The Council shall not consider an application for designation, unless a waiver of noncompliance has been granted pursuant to IC 6-1.1-12.1-11.3, if prior to the filing of the application:
(1) An improvement location permit has been filed for the project at the Allen County Department of Planning Services and construction has begun on the real property being considered for the abatement;
(2) A building permit for the subject rehabilitation has been filed for the project at the Allen County Building Department and construction has begun on the real property being considered for abatement; or
(3) Equipment for which a deduction is being sought has been installed (as defined in Indiana Administrative Code Title 50 Department of Local Government Finance, Article 4.2 Assessment of Tangible Personal Property).
(D) The Tax Abatement Development Fund shall be administered by the Huntertown Town Council.
(1) Companies can voluntarily choose to contribute a portion of their tax savings to the Town of Huntertown:
(a) Ten percent; or
(b) Five percent.
(2) The company will be awarded two points on the point system for choosing to contribute.
(3) Eligible uses of the fund include:
(a) The construction, extension or completion of: sanitary sewer lines, storm sewers, and other related drainage facilities; water lines; roads and streets; rail spurs and sidings; street lights and/or traffic signalization related to new construction or reconstruction of roads; and any other item related to economic development projects the Town Council deems appropriate;
(b) The preparation of surveys, plans and specifications for the construction of publicly owned and operated facilities, utilities, and services;
(c) Low-interest grants/loans for the above purposes; and
(d) Low-interest grants/loans to other county economic development bodies e.g., Huntertown Redevelopment Commission.
(4) Seven factors will be considered for an entity to be eligible to receive assistance in the form of a grant or loan:
(a) Must be located currently in Huntertown or will be locating in Huntertown;
(b) The amount of investment;
(c) The number of jobs created and/or retained;
(d) The level of the wages;
(e) Availability of funds from other sources;
(f) The public benefit to the health and welfare of Huntertown residents; and
(g) Its use as the local share to leverage state and federal grants.
(5) The Town Council will be presented with the proposals for potential economic development projects and they will be the entity who decides the extent of the financial assistance for any project. Prior to either a grant or loan being awarded the fund must have accumulated to a balance of $50,000.
(6) The monies not needed currently to meet current obligations shall be invested. The interest which accrues from these investments shall be credited to the fund.
(7) If the Huntertown Town Council determines this fund is no longer serving a purpose, it will be left to the Council's discretion as to where the money should be transferred, however the intent is for this money to be used to further economic development activities.
(Res. 19-013, passed 6-3-19; Am. Res. 2020-018, passed 7-6-20; Am. Res. 2020-025, passed 9-21-20)