(A) Generally. The Town Council believes that the following general standards have a reasonable relationship to the development objectives for warehouse development within the town, and would warrant tax abatement consideration as set forth herein.
(B) Three-year general standards. New construction and rehabilitation: proposed warehouse development of new construction or rehabilitation of not less than 25,000 square feet per project may be considered for three-year real property tax abatement.
(C) Six-year general standards. New construction and rehabilitation: proposed warehouse development of new construction or rehabilitation of not less than 50,000 square feet per project may be considered for six-year real property tax abatement
(D) Ten-year general standards. New construction: proposed warehouse development of new construction or rehabilitation of not less than 100,000 square feet per project shall be considered for six-year real property tax abatement.
(E) Compliance with state law. All applicants seeking real property tax abatement consideration under this section must also comply with all applicable regulations set forth in I.C. 6-1.1-12.1-1 et seq.
(Ord. 5-97, passed 3-24-1997)