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(g) Economic revitalization area designations granted as a <br />result of petitions for tangible personal property tax abatement <br />shall expire so that new improvements in the urban economic re- <br />vitalization area are eligible for tax abatement only if said new <br />improvements are substantially completed and certified <br />within a three (3) year period commencing with the effective <br />date of the declaratory resolution. <br />(h) All other procedures for filing and reviewing petitions <br />for tax abatement shall be consistent with I.C. 6 -1.1- 12.1 -1 et <br />sere as it may be amended from time to time. <br />SECTION 2 -78. ANNUAL REPORTS REQUIRED <br />(a) The taxpayer whose real and for personal property taxes <br />have been abated due to a declaration under this Article of an economic <br />revitalization area shall file an annual report with the City Clerk <br />and the Department of Economic Development each year that their <br />taxes are affected due to tax abatement. Such�report: shall be filed <br />no later than March 1st of each year, and shall address the following <br />items: <br />(1) Name or names and address(es) of the person filing the report. <br />(2) The amount of real and personal property taxes actually <br />paid by the taxpayer on the economic revitalization area <br />property during the previous year. <br />(3) The current level of employment and the level of employment <br />prior to tax abatement being granted. <br />(4) A listing of whether local and /or minority contractors <br />were used during the renovation, and /or installation <br />of equipment, and whether any minorities have been hired <br />for full or part -time positions since the granting of <br />tax abatement. <br />(5) A copy of the taxpayer's annual report. <br />(b) The Department of Economic Development shall file an annual <br />report on or before March 31st, with the City Clerk detailing the <br />number of tax abatement petitions filed for the preceding year, <br />number granted, amount of taxes abated by project, and other relevant <br />information. <br />SECTION 2 -79 REVIEW BY COMMON COUNCIL <br />The Common Council shall review on a regular basis the tax <br />abatement procedures established by this Article. Said review shall <br />be conducted at least every three (3) years, beginning with three <br />(3) years from the effective date of this ordinance. <br />SECTION II. This ordinance shall be in full force and effect <br />from an a ter its passage by the Common Council, approval by the <br />Mayor and legal publication. <br />Member of the Comm ouncil <br />13i READING 7-//-002 <br />PUBLIC HEARING <br />2nd READING_ <br />NOT APPROVED <br />REFERRED <br />PASSER 7 -� ��3, 0,0 al c-1-7 <br />