(A) If the improvements proposed in the application for Economic Revitalization Area status are not started within one year of the date of designation, the Economic Revitalization Area designation for the real estate shall expire; however, the applicant may reapply, and the application fee therefor shall be 50% of the original fee. Such reapplication shall be made within 90 days of the date of the expiration of the one year period. In addition, the Economic Development Commission, upon the applicant’s request, in writing, may extend such designation for a period not to exceed six months.
(B) Where an area has been designated as an Economic Revitalization Area, such status shall expire two years after the date of designation unless otherwise stated in the resolution establishing the area; however, such expiration shall not limit the length of time any persons, firms, organizations, or corporations are entitled to receive an abatement of taxes to less than that permitted by I.C. 6-1.1-12.1. Further, the Economic Revitalization Area designation will be conditioned in such manner that it will be effective only relative to the project which is described in the final resolution as supplemented by the information in the application.
(Ord. 1984-6, passed 8-27-84)