(A) Following the legal publication and on the date published in the legal notice, a public hearing on the confirmatory resolution shall be held by the Town Council. The petitioner and/or its representative shall be present and shall be required to present evidence why it believes the tax abatement requested should be granted; at which time the Council shall receive and hear all remonstrances and objections from interested persons pertaining to the petition. At the public hearing, the Council shall determine whether the petition complies with this subchapter and with I.C. 6-1.1-12.1 et seq. and shall consider all pertinent requirements for economic revitalization areas prior to taking final action determining whether the petition meets qualifications for an economic revitalization area and confirming, modifying and confirming or rescinding the declaratory resolution. The determination of the Town Council is final except that an appeal may be taken and heard as provided by I.C. 6-1.1-12.1-2.5(d) and (e).
(B) The Town Council must make a determination as to whether the deductions shall be allowed and make specific findings pursuant to I.C. 6-1.1-12.1-3. The Council must further comply with I.C. 6-1.1-12.1-4.5 and make specific finding thereto when considering personal property tax abatement requests.
(C) (1) In declaring an area an economic revitalization area, (ERA), the designating body may:
(a) Limit the time period to a certain number of calendar years during which the area shall be so designated;
(b) Limit the type of deductions that will be allowed within the economic revitalization area to either the deduction allowed under I.C. 6-1.1-12.1-3 or the deduction allowed under I.C. 6-1.1-12.1-4.5;
(c) Limit the dollar amount of the deduction that will be allowed with respect to new manufacturing equipment if a deduction had not been filed before July 1, 1987 for that equipment;
(d) Limit the dollar amount of the deduction that will be allowed with respect to redevelopment and rehabilitation occurring in areas that are designated as economic revitalization areas on or after September 1, 1989; or
(e) Impose reasonable conditions related to the purpose of state law or to the general standards adopted herein for allowing the deduction for the redevelopment or rehabilitation of the property or the installation of the new manufacturing equipment.
(2) To exercise one or more of the above described powers, the Town Council must include this fact in the resolutions adopted.
(Ord. 5-97, passed 3-24-1997)