(A) The Town Council believes that pursuant to its Home Rule authority set forth in I.C. 36-1-3-1 et seq., and the authority granted to it under I.C. 6-1.1-12.1-1 et seq., and it has the authority to declare areas within the town, economic revitalization areas (ERA) which do net meet the general standards for real property tax abatement set forth in §§ 34.018 through 34.020.
(B) The Council therefore declares that individuals who desire to petition for real property tax abatement which do not meet the general standards set forth herein but nevertheless have a business or business development that is unique in the total number of jobs created, salary levels of jobs, total investment in building and equipment or similar characteristics, may do so by filing proper petitions and forms of declaratory and confirmatory resolutions with the office of the Town Manager. Such forms shall set forth in detail the reasons why they believe their circumstances create a unique opportunity for the town and that they should be granted such abatement and declared an ERA.
(C) The Tax Abatement Committee, as the preliminary review body shall review such petitions, and declaratory and confirmatory resolutions on a project by project basis and make its report to the Town Council which shall have the sole and absolute authority as the designating body to declare the area to be an economic revitalization area for tax abatement purposes.
(D) The Tax Abatement Committee in its report and the Council in its decision shall make specific findings supporting their conclusion that there is or is not a rational basis for the determination that the area should be declared an economic revitalization area.
(E) Real property tax abatement granted under this section shall be limited to the specific amount of years determined by the Council to be appropriate under the circumstances. The Town Council shall have the sole and absolute discretion to determine the specific amount of years of tax abatement.
(Ord. 5-97, passed 3-24-1997)