A.    This chapter shall not give any right to tax abatement in excess of that provided in Indiana Code, 6-1.1—12.1-1 through 6-1.1—12.1-6 and is subject to all terms and conditions as set forth in said statutes, the terms of this chapter notwithstanding.

    B.    No applicant having a beneficial ownership in property upon which personal or real estate taxes are in arrears shall be eligible for tax abatement under this chapter.

    C.    The use established for the property subject of the resolution by the owner shall be in full compliance with the zoning ordinances and master plan of the city to be eligible for said deduction.

    D.    Any interested applicant may file petition for expansion of the economic revitalization zone or addition of their use to be eligible for deduction under this resolution and the council may accept or reject same at its next following regularly called meeting, and in the event of acceptance this chapter may be amended by the council by following the procedures required by the Indiana Code for passing of this chapter. (Prior code § 32-5)