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Amending Chapter 2 as Tax Abatement Procedures
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Amending Chapter 2 as Tax Abatement Procedures
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11/8/2012 2:51:55 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
2/12/1990
Ord-Res Number
8065-90
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(d) Ten-Year General Standards: <br /> New Construction and Rehabilitation: <br /> Proposed warehouse development of new construction <br /> or rehabilitation of not less than 20,000 square feet in the <br /> EDTA, UEZ, or RBA may be considered for ten-year real <br /> property tax abatement. <br /> (e) Compliance With State Law: All applicants seeking <br /> real property tax abatement consideration under this Section <br /> must also comply with all applicable regulations set forth <br /> in I.C. , 6-1.1-12.1-1 et seq. <br /> (f) ETS Requirement: All applicants seeking real <br /> property tax abatement consideration under this section must <br /> also comply with working with ETS as set forth in Section 2- <br /> 83.2. <br /> Sec. 2-83.2 Role of ETS With Warehouse and Industrial <br /> Developments. <br /> (a) All petitioners seeking real property tax <br /> abatement for warehouse developments pursuant to Sec. 2-83 <br /> and 2-83 .1, and industrial developments pursuant to Sec. 2- <br /> 82 and Sec. 2-82. 1 must agree in writing to work with ETS <br /> at all levels for employment positions created. <br /> (b) Such agreement shall include but not be limited to <br /> development plans and recruitment of economically <br /> disadvantaged candidates. . <br /> (c) The ETS shall report to the Human Resources and <br /> Economic Development Committee of the Common Council on a <br /> quarterly basis, with the results of its efforts in this <br /> area. <br /> Sec. 2-83.3 Chart on Real Property Tax Abatement. <br /> The following is an informational summary of the <br /> general standards addressing the various types of real <br /> property tax abatement. <br /> Type of New Rehab. <br /> Sec. Abatement Location Construction Require- Years <br /> Requirements ments <br /> 2-77 Multi-Family EDTA Yes Not 3 <br /> Available <br /> 2-77 Multi-Family EDTA $1, 000, 000* $250, 000* 6 <br /> 2-77 Multi-Family EDTA $4, 000,000* $500,000* 10 <br /> * Plus meeting the 20.% available for use by low and <br /> moderate income individuals standards. <br /> 2-77.1 Single-Family NRA Yes Not 5 <br /> Available <br /> 2-78 Office CBD 15, 000 sq. ' 5, 000 sq. ' 3 <br /> 2-78 Office CBD 30, 000 sq. ' 10, 000 sq. ' 6 <br /> 2-78 Office CBD 50,000 sq. ' 20, 000 sq. ' 10 <br /> 2-78.1 Office EBDA 7,500 sq. ' 5,000 sq. ' 3 <br /> TAIA <br />
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