(a) After favorable recommendation by an economic development commission, the fiscal body of a city, town, or county may by ordinance designate as an economic development target area a specific geographic territory that:(1) has become undesirable or impossible for normal development and occupancy because of a lack of development, cessation of growth, deterioration of improvements or character of occupancy, age, obsolescence, substandard buildings, or other factors that have impaired values or prevent a normal development of property or use of property;(2) has been designated as a registered historic district under:(A) the National Historic Preservation Act of 1966; or(B) the jurisdiction of a preservation commission organized under:(i) IC 36-7-11;(ii) IC 36-7-11.1;(iii) IC 36-7-11.2;(iv) IC 36-7-11.3; or(v) IC 14-3-3.2 (before its repeal); or(3) encompasses buildings, structures, sites, or other facilities that are:(A) listed on the national register of historic places established pursuant to 16 U.S.C. 470 et seq.;(B) listed on the register of Indiana historic sites and historic structures established under IC 14-21-1; or(C) determined to be eligible for listing on the blished pursuant to 16 U.S.C. 470 et seq.;(B) listed on the register of Indiana historic sites and historic structures established under IC 14-21-1; or(C) determined to be eligible for listing on the Indiana register by the Indiana state historic preservation officer.(b) The fiscal body of a city, town, or county may designate a maximum of fifteen percent (15%) of the total geographic territory of the city, town, or county to be in economic development target areas.(c) Notwithstanding the repeal of IC 36-7-11.9-4 and IC 36-7-12-38, an economic development target area established by a city or town before July 1, 1987, continues in effect until it is modified or abolished by ordinance of the city or town fiscal body.As added by P.L.82-1987, SEC.7. Amended by P.L.1-1995, SEC.44; P.L.204-2023, SEC.6.
Indiana Legal Code