(A) The Town Council may consider a declaratory resolution designating a requested area as an Economic Revitalization Area. Any such resolution may fix the duration of the abatement as being for three years, six years, or ten years in the case of improvements to real property, and shall fix the duration of the abatement as being for five years or for ten years in the case of new manufacturing equipment. Whether an area will be designated as an Economic Revitalization Area, and in determining whether that application for abatement shall be allowed, the Town Council shall use the following criteria:
(1) Whether the estimate of value of improvements to real estate is reasonable for a project of that nature, or whether the cost of the new equipment is reasonable for equipment of that type;
(2) Whether the estimate of the number of jobs created and/or retained is reasonable to expect;
(3) Whether the estimate of salaries for the jobs created and/or retained is reasonable to expect;
(4) Whether other benefits of the proposed project are reasonable to expect; and
(5) Whether the total benefits of the project are reasonable to justify an allowance of the tax abatement.
(B) The Town Council shall cause a map or property description or location of the Economic Revitalization Area to be prepared pursuant to IC 6-1.1-12.1-2.5 and shall further cause notice of the adoption and the substance of the resolution to be published pursuant to IC 5-3-1. This notice shall further state that a copy of the map or location describing the area to be designated as an Economic Revitalization Area will be available for inspection in the Town Hall and shall further indicate the date, time, and location of a hearing to be held by the Town Council to hear any remonstrance. The hearing shall be held not less than ten days after the publication of notice.
(C) Upon final approval by the Town Council, the property owner may file a certified application for the deduction with the County Auditor.
(D) No later than March 1 of each year in which the applicant is to receive the abatement, the applicant shall provide a report to the Town Council, through the town Planning Department, containing such information as is requested in writing by the Town Council in a notice to the applicant, which the Town Council shall send to the applicant by January 31 of that year.
(Ord. 1994-01, passed 2-15-94)