(A) Upon appropriate request, the Council will designate as residentially distressed areas those parcels of property which are located within the corporate limits of the city and meet all the following criteria specified in I.C. 6-1.1-12.1-2(b):
(1) The area is comprised of parcels that are either unimproved or contain only one or two-family dwellings or multi-family dwellings designed for up to four families, including accessory structures for those dwellings;
(2) Any dwellings in the area are not permanently occupied and are either:
(a) The subject of an order issued under I.C. 36-7-9; or
(b) Evidencing significant building deficiencies.
(3) Parcels of property in the area either:
(a) Have been sold and not redeemed under I.C. 6-1.1-25; or
(b) Are owned by a unit of local government.
(B) As an alternative to the findings required by division (A) above, the Council will designate as residentially distressed areas those parcels of property which are located within the corporate limits of the city and meet all the following alternative criteria specified in I.C. 6-1.1-12.1-2(c):
(1) A significant number of dwelling units within the area are not permanently occupied or a significant number of parcels in the area are vacant land;
(2) A significant number of dwelling units within the area are either:
(a) The subject of an order issued under I.C. 36-7-9; or
(b) Evidencing significant building deficiencies.
(3) The area has experienced a net loss in the number of dwelling units, as documented by census information, local building and demolition permits, or certificates of occupancy, or the area is owned by Indiana or the United States; and
(4) The area (plus any areas previously designated under this division) will not exceed 10% of the total area within Common Council's jurisdiction.
(C) Any property designated as a residentially distressed area under divisions (A) or (B) above must also fulfill the following obligations for the property owner to receive a deduction:
(1) Dwellings built or rehabilitated on the property must meet local code standards for habitability;
(2) Dwellings must be built or rehabilitated on the property within two years of the date of designation as a residentially distressed area.
(D) The deduction awarded for property located in a residentially distressed area shall be available for a period of five years. The amount of the deduction the owner of the property is entitled to receive for each particular year equals the product of:
(1) The increase in the assessed value resulting from the rehabilitation or redevelopment; multiplied by:
(2) The following percentages for each year that the deduction may be taken:
Year | Percentage |
1 | 100% |
2 | 80% |
3 | 60% |
4 | 40% |
5 | 20% |
(Ord. G-20-01, passed 3-3-2020)