Sec. 7. (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 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.
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