Sec. 3. (a) This section applies to rehabilitation or redevelopment that:
(1) was initiated after January 1, 1993, and before January 1, 1994; and
(2) is in the city of Rensselaer.
(b) The definitions in IC 6-1.1-12.1-1 (as in effect before May 10, 1995) apply throughout this section.
(c) Notwithstanding section IC 6-1.1-12.1-3 (as in effect before May 10, 1995), the:
(1) designation or enlargement of an economic revitalization area;
(2) submission of a statement of benefits; and
(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.