(A) There shall be available within the corporate limits of the city a program of property tax abatements in accordance with I.C. 6-1.1-12.1, as amended from time to time, for the redevelopment and/or rehabilitation of commercial, industrial and residential property, and for the acquisition and installation of: (i) new manufacturing equipment; (ii) new research and development equipment; (iii) new logistical distribution equipment; or (iv) new information technology equipment in areas within the corporate limits of the city which are hereafter designated by the Common Council as “economic revitalization areas” or as “residentially distressed areas”. The terms ECONOMIC REVITALIZATION AREAS, RESIDENTIALLY DISTRESSED AREAS, NEW MANUFACTURING EQUIPMENT, NEW RESEARCH AND TECHNOLOGY EQUIPMENT, NEW LOGISTICAL DISTRIBUTION EQUIPMENT, NEW INFORMATION TECHNOLOGY EQUIPMENT, PROPERTY, REDEVELOPMENT and REHABILITATION, as used herein, shall have the same meaning as those terms are defined by I.C. 6-1.1-12.1-1 and as provided for in I.C. 6-1.1-12.1-2.
(B) (1) In order to be considered for a ten-year, 100% deduction for redevelopment and rehabilitation activities, an application for Economic Revitalization Area designation must meet the following requirements:
(2) The subject property must be occupied by an existing commercial and/or industrial structure which:
(a) Is vacant and underutilized for a minimum of five years preceding the application for the deduction available under this chapter;
(b) The structure must be at least 40 years old;
(c) Contains a minimum of 20,000 square feet of space; and
(d) Will involve rehabilitation and redevelopment activities exceeding $5,000,000 in value.
(Ord. 2012-07, passed 2-9-2012; Am. Ord. 2014-28, passed 11-13-2014)