1. (a) This section applies to rehabilitation or redevelopment that:

   1. (1) was initiated after January 1, 1993, and before January 1, 1994; and
   2. (2) is in the city of Rensselaer.
2. (b) The definitions in IC 6-1.1-12.1-1 (as in effect before May 10, 1995) apply throughout this section.

3. (c) Notwithstanding section IC 6-1.1-12.1-3 (as in effect before May 10, 1995), the:

   1. (1) designation or enlargement of an economic revitalization area;
   2. (2) submission of a statement of benefits; and

   3. (3) designating body's approval of the statement of benefits;

      after the initiation of the rehabilitation or redevelopment for which a deduction is claimed under IC 6-1.1-12.1 (as in effect before May 10, 1995) are legalized and validated for deductions claimed for 1994 and subsequent assessment years.

As added by P.L.220-2011, SEC.122. Amended by P.L.119-2012, SEC.23.