(A) For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
DESIGNATING BODY. The Town Council.
ECONOMIC REVITALIZATIAN AREA (ERA). An area which is within the corporate limits of the town which has become undesirable or impossible for, normal development and occupancy because of a lack of development, cessation of growth, deterioration of improvements or character of occupancy, age, obsolescence, substandard buildings or other factors which have impaired values or prevent a normal development of property or use of property. The term ECONOMIC REVITALIZATION AREA (ERA) shall also include: any area, where a facility or a group of facilities that are technologically, economically or energy obsolete are located and where the obsolescence may lead to a decline in employment and tax revenues.
HARD DOLLAR COSTS. Expenses directly related to the proposed new construction or rehabilitation excluding costs of financing, architect, engineering and attorneys’ fees.
INDUSTRIAL DEVELOPMENT. Includes those definitions set forth in major groups 20 through 39 of the Standards Industrial Classification Manual (SIC), published by the United States Office of Management and Budget, which manual is hereby incorporated by reference, with copies being maintained in the office of the Town Manager.
INSTITUTIONAL DEVELOPMENT. The development of any day care or educational facilities.
MIXED USE. Any mix of two or more of the following uses only: office, retail, institutional or industrial.
NEW MANUFACTURING EQUIPMENT. Tangible personal property which was:
(a) Installed during the period beginning March 1, 1983, and ending December 31, 1993, in an area that is declared an economic revitalization area after February 28, 1983, in which a deduction for tangible personal property is allowed;
(b) Is used in the direct production, manufacture, fabrication, assembly, extraction, mining, processing, refining or finishing of other tangible personal property; and
(c) Was acquired by its owner for use as described in division (b) above and was never before used by its owner for any purpose in the state.
PROPERTY. A building or structure, but shall not include land.
REDEVELOPMENT. The construction of new structures, in economic revitalization areas, either:
(a) On unimproved real estate; or
(b) On real estate upon which a prior existing structure is demolished to allow for a new construction.
REHABILITATION. The remodeling, repair or betterment of property in any manner or any enlargement of extension of property.
TAX ABATEMENT COMMITTEE.
(a) The Committee established pursuant to this subchapter to review petitions for tax abatement consisting of three members as follows:
1. The Town Manager;
2. A member of the Town Plan Commission designated by the Plan Commission; and
3. A member of the Town Redevelopment Commission designated by the Town Plan Commission.
(b) The two members designated by the Plan Commission shall serve on such Committee until they resign or are replaced with a successor designated by the Plan Commission.
WAREHOUSE DEVELOPMENT. And include those definitions set forth in major groups 42, 50, and 51 of the Standard Industrial Classification Manual (SIC), published by the United States Office of Management and Budget, which manual is hereby incorporated by reference with copies being maintained in the Office of the Town Manager.
(B) Any terms not specifically defined in this section shall have the meanings ascribed to them in I.C. 6-1.1-12.1-1 et seq.
(Ord. 5-97, passed 3-24-1997)