(A) Information required of applicants seeking tax abatement. Prior to application for a building permit, an applicant proposing to invest a minimum of $1,000,000 in real property improvements for non- retail activities within the corporate limits of the city may petition the Common Council for consideration of real or personal property tax abatement. Petitioners shall provide the following information on State Form 27167:
(1) The name(s) and address(es) of the real property owner(s) and any other person(s) leasing, intending to lease, or having an option to purchase such property.
(2) A brief description of the investment to be made in the community.
(3) The legal description and address of the real property for which tax abatement is being petitioned.
(4) The current assessed valuation of the real property and existing improvements prior to rehabilitation, redevelopment, economic revitalization, or improvement.
(5) The property taxes paid on the real property during the previous three years.
(6) The current number of total employees (distinguishing between full and part-time), if applicable.
(7) An estimate of the cost of the real property improvements for which abatement is being requested.
(8) An estimate of the number of new permanent jobs to be created by the project within one year of completion, if applicable.
(9) The name, address, and telephone number of the person to contact regarding the notice of council meetings and public hearings concerning the petition.
(10) Any additional information requested by the city.
(B) Review of petition and recommendation to council. The Mayor, or his designee, of the city shall review the petition for tax abatement and prepare a recommendation to the council for approval, approval with conditions, or rejection.
(C) Reporting Requirements. All recipients of tax abatements shall submit all required reports set forth in I.C. 6-1.1-12.1 on Form 322 ERA and Form CF-1 as proscribed by the State Board of Tax Commissioners. All reports shall be due to the city by April 1 of each year of the abatements period.
(D) Revocation of Abatement. The granting of a request for real property tax abatement results in a contractual agreement between the city and the petitioner granted the tax abatement. Petitioners who fail to provide evidence that the estimates set forth in their request for abatement have been achieved may be subject to termination of all or part of the tax abatement granted pursuant to
I.C. 6-1.1-12.1-5.9.
(Ord. 1999-5, passed 5-6-99)