(A) An applicant for the designation of real estate as an Economic Revitalization Area shall submit a completed application form to the Secretary of the Economic Development Commission. The Economic Development Commission shall investigate the applicant and the proposed improvements to determine the best interests of the town, shall hold public hearings thereon if necessary or advisable, and shall thereafter make written recommendations to the Town Council as the desirability or nondesirability of designating the area described in the application as an Economic Revitalization Area and may recommend the period of time during which the area shall be so designated and the type of deductions that shall be allowed. The Town Council shall consider the application and recommendation and make the determination as to whether or not to grant Economic Revitalization Area status in accordance with I.C. 6-1.1-12.1-2.5.
(B) In considering the advisability of designating real estate as an Economic Revitalization Area, under the provisions of I.C. 6-1.1-12.1-3, the Economic Development Commission and the Town Council shall consider the following issues:
(1) Whether there is reason to believe that without such designation development would not take place;
(2) Whether designation would give the affected business an unfair economic advantage over other community businesses; and
(3) The potential increase in demand for town services as a result of the improvement.
(C) In considering the advisability of designating real estate as an Economic Revitalization Area under the provisions of I.C. 6-1.1-12.1-4.5, the Economic Development Commission and Town Council shall consider the issues in division (B) of this section, as well as the following:
(1) Whether the new manufacturing equipment is being installed to replace equipment that is technologically, economically or energy obsolete; and
(2) Whether other economic factors exist which, in accordance with I.C. 6-1.1-12.1-1, establish that designation of an Economic Revitalization Area under the provisions of I.C. 6-1.1-12.1-4.5 are in the best long-term interests of the town.
(Ord. 1984-6, passed 8-27-84)