As used in this chapter, "industrial facility" means a company's real property that:

1. (1) has been classified as industrial property under the rules of the department of local government finance; and

2. (2) has a true tax value, as estimated by the department, of at least thirty-five million dollars ($35,000,000) in a qualifying county.

   The term includes real property that is used under an agreement under which the user exercises the beneficial rights of ownership for the majority of a year. The term does not include real property assessed under IC 6-1.1-8 .

As added by P.L.151-2001, SEC.3. Amended by P.L.90-2002, SEC.89; P.L.159-2020, SEC.10.