In order to qualify for the deduction provided in this chapter, the applicant must conform to the following:

    A.    Be located in the economic revitalization area;

    B.    Comply with all terms and provisions set forth in this chapter and the incorporated State Statutes.

    C.    Rehabilitate property as defined by Indiana Code, 6-1.1—12.1-1(6), or redevelop property as defined by Indiana Code, 6-1.1—12.1-1(5), or locate new manufacturing equipment as defined by Indiana Code, 6-1.1—12.1-1(3) in said economic revitalization area. (Prior code § 32-3)