In addition to any findings required by statute, the Town Council must determine:
(A) The declaration of the area would be in the public interest of the town (in making said determination the factual basis must consist of more than increase of and diversification of employment, and increase in the assessed valuation of the town);
(B) The proposed declaration will not be unfair to existing industries or businesses; and
(C) That, in the case of a declaration of an area as a “residentially distressed area” or the designation of an area as an “economic development target area” for the purpose of allowing tax abatement to residential development, the declaration will not be unfair to existing residential developments.
(1985 Code, § 2-6-4) (Ord. 94, passed 6-4-1990)