6-3.1-34-6. "Qualified redevelopment site"

IN Code § 6-3.1-34-6 (2019) (N/A)

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Effective 1-1-2020.

Sec. 6. As used in this chapter, "qualified redevelopment site" means:

(1) land on which a vacant building or complex of buildings was placed in service at least fifteen (15) years before the date on which the application is filed with the corporation under this chapter;

(2) land on which a vacant building or complex of buildings:

(A) was placed in service at least fifteen (15) years before the date on which the demolition of the vacant building or complex of buildings was completed; and

(B) that was demolished in an effort to protect the health, safety, and welfare of the community;

(3) land on which a vacant building or complex of buildings:

(A) was placed in service at least fifteen (15) years before the date on which the demolition of the vacant building or complex of buildings was completed;

(B) was placed in service as a public building;

(D) has not been redeveloped since the building was taken out of service as a public building;

(4) vacant land; or

(5) brownfields consisting of more than fifty (50) acres.

For a complex of buildings to be considered a qualified redevelopment site under subdivision (1), (2) or (3), the buildings must have been located on a single parcel or contiguous parcels of land that were under common ownership at the time the site was placed in service.

As added by P.L.158-2019, SEC.29.

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6-3.1-34-5. "Placed in service"

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6-3.1-34-7. "Qualified investment"