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M <br />Public Benefit Points and thresholds for Additional Abatement Years <br />From <br />To <br />Additional <br />Years <br />0 <br />799 <br />0 <br />800 <br />999 <br />1 <br />1,000 <br />1,199 <br />2 <br />1,200 <br />1,399 <br />3 <br />1,400 <br />1,599 <br />4 <br />1,600 <br />1,799 <br />5 <br />1.800 <br />1,999 <br />6 <br />2,000 <br />& over <br />7 <br />Economically Distressed Area. This area is defined to be those Census Tracts that have <br />the highest levels of poverty and unemployment, and the lowest levels of median income. <br />They are currently tracts 20, 21, 23, 19, 6, 29, 10, 27, 17, 1, 30, 22, 24, 5, and 4. <br />Opportunities for additional abatements. South Bend also offers abatements of <br />• 5 years for business personal property (equipment) <br />• 5 years for new construction of single - family residential properties <br />• 5 years for rehabilitation of single - family residential properties in the Economically <br />Distressed Area <br />r Up to 10 years for multi - family real properties <br />® Up to 10 years for Office, Retail, Institutional, Hotel/Motel, and Mixed Use in <br />specified areas of the City. <br />Council flexibility. <br />1) On a yearly basis, the South Bend Council can review its benefit point categories to <br />determine if there are pressing needs of the community that should be addressed. <br />2) The Council retains the flexibility to consider benefit point totals as a guide (rather <br />than an absolute determination) to its deliberations regarding an add -on abatement. <br />3) The Council retains the authority to enlarge real property tax abatement general <br />standards on a project -by- project basis; individuals may petition for real property tax <br />abatement even if their projects do not meet all of the general standards for such <br />abatements. <br />Company flexibility. A company can choose to drop specific benefits if it substitutes <br />other benefits of equal or greater point value. <br />Documentation and Compliance. All benefits claimed need to be documented in <br />writing, The Common Council may end an abatement or require the repayment of taxes <br />if claimed benefits are not provided (and equivalent benefits are not substituted) or if a <br />company ceases operations before the end of its abatement. <br />hod! - 4P'` <br />