An ordinance adopted under section 4 or 5.1 of this chapter takes effect immediately upon the expiration of the remonstrance and appeal period under section 11, 11.1, or 15.5 of this chapter and after the publication, filing, and recording required by section 22(a) of this chapter if all of the following conditions are met:

1. (1) The annexed territory has no population.
2. (2) Ninety percent (90%) of the total assessed value of the land for property tax purposes has one (1) owner.
3. (3) The annexation is required to fulfill an economic development incentive package and to retain an industry through various local incentives, including urban enterprise zone benefits.

As added by P.L.120-1999, SEC.6. Amended by P.L.228-2015, SEC.11; P.L.257-2019, SEC.111; P.L.104-2022, SEC.156.