Section 50 IAC 10-2-2 - Preliminary designationAuthority: IC 6-1.1-12.1-13; IC 6-1.1-31-1
Affected: IC 6-1.1-12.1
Sec. 2.
(a) The designating body may designate a particular area to be an economic revitalization area on its own motion or upon application by a property owner.(b) If the designating body designates a particular area to be an economic revitalization area on its own motion, no statement of benefits is required. For example, the designating body may declare an industrial park or former industrial site to be an economic revitalization area in order to spur economic development at that location. This subsection shall not be interpreted to exempt an applicant from filing a statement of benefits before the initiation of the redevelopment or rehabilitation of real property, the occupancy of an eligible vacant building, or the installation of new eligible equipment for which the applicant desires to claim the deduction.(c) Where a property owner has applied for designation of an area, the property owner must provide a statement of benefits. The information contained in the statement of benefits will be evaluated by the designating body in making its decision whether to designate the area an economic revitalization area.(d) The designating body shall determine whether an area should be designated an economic revitalization area and whether a deduction should be allowed. In doing so, the designating body shall make findings addressing the issues specified in IC 6-1.1-12.1-4.8 as to an eligible vacant building or in IC 6-1.1-12.1-3 as to property defined in IC 6-1.1-12.1-1(4) or IC 6-1.1-12.1-4.5(a) as to new eligible equipment. A designating body may not designate an area an economic revitalization area or approve a deduction unless the findings required by statute are made in the affirmative.(e) If the designating body finds the area should be an economic revitalization area, it shall either: (1) prepare maps and plats that identify the area; or(2) prepare a simplified description of the boundaries of the area by describing its location in relation to public ways, streams, or otherwise.(f) If the designating body makes the findings required in subsection (d) and prepares the information required in subsection (e), the designating body shall pass a preliminary resolution declaring the area to be an economic revitalization area. The resolution must contain a description of the affected area and be filed with the county assessor.Department of Local Government Finance; 50 IAC 10-2-2; filed Feb 8, 1996, 5:30 p.m.: 19 IR 1296; filed Dec 21, 2000, 2:11 p.m.: 24 IR 1304Filed 11/2/2020, 9:34 a.m.: 20201202-IR-050190636FRA