Amending Chapter 2 as Tax Abatement Procedures

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Division II. Residential Development Real Property Tax Abatement. Sec. 2-77 Multi-Family Real Property Tax Abatement. (a) The Common Council believes that the following general standards have a reasonable relationship to the development objectives of multi-family projects within the City, and would warrant tax abatement consideration as set forth herein. (b) Three-Year General Standards, New Construction Only: Proposed multi-family developments which incorporate new construction and are to be located in the EDTA as designated by the Economic Development Commission, may be considered for three-year real property tax abatement. (c) Six-Year General Standards: (1) New Construction: Proposed multi-family developments which incorporate new construction of not less than $1, 000,000 in hard-dollar costs, which are to be located in the EDTA, and which specify or guarantee that for the duration of the abatement at least twenty percent (20%) of the units shall be made available for use by low and moderate income individuals or families, may be considered for six-year real property tax abatement. (2) Rehabilitation: Proposed multi-family developments which incorporate rehabilitation of not less than $250, 000 in hard-dollar costs, which are to be located in the EDTA, and which specify or guarantee that for the duration of the abatement at least twenty percent (20%) of the units shall be available for use by low and moderate income individuals or families, may be considered for six- year real property tax abatement. (d) Ten-Year General Standards: (1) New Construction: Proposed multi-family developments which incorporate new construction of not less than $4,000,000 in hard-dollar costs, which are to be located in the NRA, and which specify or guarantee that for the duration of the abatement not less than twenty percent (20%) of its units shall be available for use by low and moderate income individuals or families may be considered for ten-year real property tax abatement. (2) Rehabilitation: Proposed multi-family developments which incorporate rehabilitation of not less than $500, 000 in hard-dollar costs, which are to be located in the NRA, and which specify or guarantee that for the duration of the abatement not less than twenty percent (20%) of its units available for use by low and moderate income individuals or families may be considered for ten-year real property tax abatement. (e) Compliance With State Law: All applicants seeking real property tax abatement consideration under this Section must also comply with all applicable regulations set forth in I.C. , 6-1.1-12. 1-1 et seq. Sec. 2-77.1 Single Family Real Property Abatement.