(A) Additional tax abatement areas.
(1) The Town Council may, at any time, upon its own initiative declare an area as an economic revitalization area by adopting a resolution therefore as is provided by I.C. 6-1.1-12.1-2.5, and by following those procedures provided therein contained in I.C. 6-1.1-12.1-1 et seq.
(2) The owner or owners of property which is located within the town may petition the Town Council for tax abatement consideration by filing a petition with the Town Clerk-Treasurer.
(3) The petition shall be completed in full and shall include the following information:
(a) The name or names and addresses of the property owners and any other person’s leasing, intending to lease or having an option to buy such property;
(b) The legal description and commonly known address of the real property for which real property tax abatement is being petitioned, and/or the legal description and commonly known address of the facility in which the tangible personal property for which the tangible personal property tax abatement is being petitioned;
(c) A map designating the area in question for consideration, together with a statement identifying the zoning district in which the area is located;
(d) The assessed value of the real property improvement before rehabilitation or redevelopment, and/or the assessed value of the tangible personal property in use at said property before the acquisition of new manufacturing equipment;
(e) Pictures of the area in question taken at least two weeks within the filing of the petition;
(f) A written estimate of the market value of the real property improvements after the rehabilitation or redevelopment, and/or a written estimate of the market value of the proposed new manufacturing equipment;
(g) A statement describing how the public health and welfare will be benefitted by this particular rehabilitation, redevelopment or acquisition of new manufacturing equipment, including a statement describing the proposed use;
(h) A statement indicating the level of employment that will be maintained or the number of new permanent jobs which will be created by this project;
(i) A statement verifying that the new manufacturing equipment in question has not been installed;
(j) A statement verifying that the area in question has become undesirable for, or impossible of, normal development and occupancy because of a lack of development, cessation of growth, deterioration of improvements or character occupancy, age, obsolescence, substandard buildings or other facts which have impaired values or prevent a normal development of the property or property use;
(k) For tangible personal property tax abatement petitioners, a statement verifying that the facility or group of facilities are technologically, economically or energy obsolete, and that the obsolescence may lead to a decline in employment and tax revenues, and that the tangible property is to be used in the direct production, manufacture, fabrication, assembly, processing, refining or finishing of other tangible personal property; and
(l) Any other information which is appropriate and material.
(4) The Town Council may refer the petitions to the Area Plan Commission Director, hereinafter called “Director,” for the purposes of investigation and preparation of a report determining whether the area qualifies as an economic revitalization area under I.C. 6-1.1-12.1-1 et seq. or the Town Council may conduct its own investigation and determination without referring the matter to the “Director.” If the petition is referred to the “Director,” then within 30 days of the referral of the petition, the Director shall submit the report of his or her investigation and findings to the Town Council.
(5) The Town Council, upon completing its consideration of the petition, may adopt a resolution declaring any part of the areas included in the petition as a designed economic revitalization area together with such areas as the Town Council determines should also at that time be so designated. The resolution may establish such standards, qualifications and limitations as are permitted by I.C. 6-1.1-12.1-1 et seq. as the Town Council determines is best for the town.
(6) Upon the adoption of a resolution designating an economic revitalization area, whether upon its own initiative or upon a petition, the town shall set the matter for further hearing before the Town Council, and the Clerk-Treasurer shall deliver to the County Assessor two copies of the resolution and shall publish notice of the adoption of the resolution and of the hearing, all as is required by I.C. 6-1.1-12.1-1 et seq., as amended, and which notice shall contain all things as is required by said statute.
(7) At the public hearing on the resolution, the Town Council will hear remonstrances and objections pertaining to the resolution and shall take final action at that time to adopt, modify or rescind said resolution, considering those things required by statute, and in addition, considering the public utility and the benefit of those properties to be considered by such designation. All things shall be considered, including, but not limited to the following criteria:
(a) For real property tax abatement, whether there is compliance with the definition of an economic revitalization area;
(b) For tangible personal property tax abatement, whether there is compliance with the statutory criterion;
(c) Whether the project will result in maintaining or increasing permanent jobs within the community;
(d) Whether there will be a net expansion of the assessed valuation of real and personal property within the community;
(e) Any other benefits to the community; and
(f) The need for the improvement of the area.
(Prior Code, § 1-11-11)
(B) Expiration period. The expiration period for real property tax abatement shall be determined by the Town Council as is provided by I.C. 6-1.1-12.1-1 et seq., but tangible personal property tax abatement shall be determined by I.C. 6-1.1-12.1-1 et seq., as amended.
(Prior Code, § 1-11-12)
(Ord. 86-5-1, passed - -)