07-23-12 Council Agenda & Packet

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South Bend Tax Abatement Ordinance Overview Procedures and General Standards—Abatement in Tiers South Bend's Abatement Program is a program which awards a base Ievel of abatement for any project that meets certain minimum level development standards. Additional years of abatement may be added to this base for projects involving the development or rehabilitation of commercial real property listed in the following table provided the project fosters certain economic development and other public benefits. Base Abatement Base Abatements may be awarded according to the following schedule: Development Area New Rehabs Add- Base Constr. On? Yrs Multi-Famil EDTA $1,000,000 $250,000 Yes 3 Sin le Family_ Ci -wide An n.a. No 5 Office CBD 15,000 sf 5,000 sf Yes 3 Office EBDA, TAIA 7,500sf 1 5,000 sf Yes 3 Retail CBD, EBDA, TAIA An An Yes 3 Retail UEZ An An Yes 3 Mixed Use CBD 15,000 sf 5,000 sf Yes 3 Mixed Use EBDA 7,500 sf 5,000 sf Yes 3 Institutional CBD, EBDA, UEZ An An Yes 3 HoteWotel CBD, EBDA, AEDA 20 rooms n.a. Yes 3 Industrial City-wide 10,000 sf 10,000 sf Yes 3 Industrial UEZ, RBA Any An Yes 3 Warehouse City-wide 25,000 sf 25,000 sf Yes 3 Warehouse EDTA, UEZ,RBA An An Yes 3 Personal Property City-wide Any None No 5 (Equip. &Machine .Definitions of Area Abbreviations Airport Economic Development Area Central Business District East Bank Development Area Economic Development Target Area Redevelopment Blighted Area Tax Abatement.Impact Area Urban Enterprise Zone Additional Base Abatement Criteria ® The project must be perceived to generate a ten-year financial return (in taxes, fees,pmts, community econ & social benefits...) sufficient to justify the City's direct investment in infrastructure support. A Memorandum of Agreement is executed which speaks to: o The conditions of the abatement o The timeframe for actions o An agreement to respond to surveys related to compliance (Rev. 5113111)