(A) Time limitations, economic revitalization areas designated.
(1) From the date the resolution codified in this section became effective until December 31, 1997, all of the real estate shown on the map attached to the resolution codified in this section, marked Exhibit B and a part hereof by reference is hereby declared to be an ECONOMIC REVITALIZATION AREA as defined by I.C. 6-1.1-12.1-1 et seq.
(2) Attached to the ordinance codified herein, marked Exhibit C and made a part hereof by reference, is the legal description for the real estate shown on Exhibit B, which real estate is located in the town.
(Prior Code, § 1-11-1)
(B) Abatement periods. The deductions provided for by I.C. 6-1.1-12.1-3 and I.C. 6-1.1-12.4-5 shall be allowed within the area designated by this section as an economic revitalization area, provided, however, that the Town Council shall, pursuant to the provisions of I.C. 6-1.1-12-3(b), make its determination as to whether a property owner is entitled to a three-, six- or ten-year abatement upon the following standards:
(1) The nature and size of the proposed improvement, with greater weight in favor of a longer period of abatement for those issues which are more environmentally free of noise and air pollution, and those improvements which result in larger assessed valuations per acre;
(2) The amount of employment to be generated by the proposed improvement, with greater weight in favor of those improvements which employ more persons per acre upon the improvement;
(3) The extent to which the economic revitalization area has already been developed with greater weight in favor of those owners who are first to improve the area; and
(4) Any other factors which reasonably relate to the desirability of granting greater tax abatement benefits, keeping in mind that the primary purposes other than development of the property itself are to increase employment and employment opportunities within the town, to increase the assessed valuation of the town, to spur economic growth within the town and to put the area to such use as will attract future development to the area and to the town.
(Prior Code, § 1-11-2)
(C) Subject to final declaration. This subchapter is approved and adopted by the Town Council, that notice of the adoption of this subchapter be given with notice of hearing date therein upon a final declaration resolution, confirming, modifying and confirming or rescinding this subchapter, that a copy of the resolution codified in this section be filed with the County Assessor, all as is required by I.C. 6-1.1-12.1-1 et seq.
(Prior Code, § 1-11-3)
(D) Final declaration.
(1) The land described in Res. 3-1-86 and Res. 2-1-92 of the town, is an area within the town, which has become undesirable for and impossible of normal development because of the cessation of growth and the lack of development, and that said land ought to be and is hereby declared an economic revitalization area within the town.
(2) The land which is the subject of Res. 3-1-86, meets all of the qualifications necessary to be considered as and to be declared as an economic revitalization area within the town.
(3) The resolution codified in this subchapter was duly adopted by the Town Council, on March 10, 1986, that a copy of the resolution together with a map of the area and a description of the area affected by said resolution were delivered to the office of the County Assessor on March 11, 1986, that public notice was given as is required by law, that a hearing will be held upon said resolution on April 14, 1986, that hearing has now been held and that said resolution, ought to be and is hereby in all respects, confirmed, approved and ratified by the Town Council.
(4) A copy of the resolutions codified in this subchapter shall be certified by the Clerk-Treasurer of the town and delivered to the County Auditor.
(Prior Code, § 1-11-4)
(Res. 3-1-86, passed - -; Res. 4-1-86, passed 4-14-1986)