(A) Time limitations, economic revitalization areas designated.
(1) From the date the resolution codified in this section became effective until February 10, 2002, all of the real estate shown on the map attached to the ordinance codified herein, marked Exhibit D and made 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 E and made a part hereof by reference is the legal description for the real estate shown on Exhibit D, which real estate is located in the town.
(Prior Code, § 1-11-5)
(B) Abatement periods. The deductions provided for by I.C. 6-1.1-12.1-3 and 4.5 shall be allowed within the area designated by the resolution codified in this subchapter 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, § 1-11-6)
(C) Subject to final declaration. The resolution codified in 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 the resolution codified in this section, that a copy of said resolution be filed with the County Assessor, all as is required by I.C. 6-1.1-12.1-1 et seq.
(Prior Code, § 1-11-7)
(D) Final declaration.
(1) The land described in 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. 2-1-92 meets all of the qualifications necessary to be considered as and to be declared as an economic revitalization area within the town.
(3) Res. 2-1-92 of the town was duly adopted by the Town Council on February 10, 1992, 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 February 11, 1992, that public notice was given as is required by law, that a hearing will be held upon said resolution on March 9, 1992, that hearing has now been held and that Res. 2-1-92 of the town ought to be and is hereby in all respects, confirmed, approved and ratified by the Town Council.
(4) A copy of the resolution codified in this section and Res. 2-1-92 of the town be certified by the Clerk-Treasurer of the town and delivered to the County Auditor.
(Prior Code, § 1-11-8)
(E) Designated areas qualifying for tax abatement. Those areas heretofore designated as economic revitalization areas by any pending or final resolution of the Town Council, shall continue according to such final resolution, or according to the final resolution entered with respect to any pending resolution.
(Prior Code, § 1-11-9)
(F) Procedural requirements for tax abatement in designated areas.
(1) A property owner who desires to obtain the deduction for tax abatement must file a certified deduction application, on forms prescribed by the state’s Board of Tax Commissioners, with the County Auditor, all according to I.C. 6-1.1-12.1-1 et seq., as amended.
(2) The deduction for rehabilitation or redevelopment of real property and new manufacturing equipment shall be pursuant to I.C. 6-1.1-12.1-1 through 6-1.1-12.1-5.7.
(Prior Code, § 1-11-10)
(Ord. 86-5-1, passed - -; Res. 2-1-92, passed - -; Res. 3-1-92, passed 3-9-1992)