(A) The Town Council shall hold a public hearing on the petitioner’s declaratory resolution pursuant to I.C. 6-1.1-12.1-2.5.
(B) The petitioner and/or, its representative shall be required to attend the public hearing and present evidence to the Council as to why it believes it qualifies for the requested abatement.
(C) If it finds that the property qualifies as an economic revitalization area under the terms of this subchapter and I.C. 6-1.1-12.1-1(1), the Town Council may adopt a resolution declaring the property as an economic revitalization area for purposes of tax abatement. Said resolution shall specify whether the abatement is for real property tax deduction or for personal property tax deduction, the length of time during which the area shall be so designated, and the general boundaries of the area by describing its location in relation to public ways. If the abatement is for real property taxes, the Council shall specify whether the abatement is for three, six or ten years. Upon the adoption of the declaratory resolution, the Town Clerk-Treasurer shall file the resolution with the County Assessor, together with supporting data required by I.C. 6-1.1-12.1-2.5.
(D) If the area is located within an allocation area as defined in I.C. 36-7-14-39, as declared by the Redevelopment Commission, the Council shall not adopt a declaratory resolution declaring an area to be an economic revitalization area tor purposes of either real property tax deduction or personal property tax deduction if the Commission has not adopted a resolution approving the petition.
(E) Upon adoption of the declaratory resolution, the Town Manager shall cause notice of the adoption to be published pursuant to I.C. 5-3-1, and shall include in the notice information about the adoption of the declaratory resolution, the substance of the resolution, that a description of the affected area is available and can be inspected in the County Assessor’s office, the date when the Town Council will receive and hear all remonstrances and objections from interested persons; and any other information required by I.C. 6-1.1-12.1-2.5.
(Ord. 5-97, passed 3-24-1997)