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(b) New Construction: Proposed single family new <br /> construction homes which are to be located in the NRA and <br /> meet the requirements addressing residentially distressed <br /> areas set forth in I.C. 6-1. 1-12 . 1-2, may be considered for <br /> five-year real property tax abatement. <br /> Sec. 2-77.2 Reserved for Future Use. <br /> Division III. Office Development <br /> Real Property Tax Abatement. <br /> Sec. 2-78 Office Developments Within the Central Business <br /> District. <br /> (a) The Common Council believes that the following tax <br /> abatement general standards have a reasonable relationship <br /> to the development objectives of office developments within <br /> the Central Business District of the City of South Bend, and <br /> would warrant tax abatement consideration as set forth <br /> herein. <br /> (b) Three-Year General Standards: <br /> (1) New Construction: Proposed office <br /> developments which incorporate new construction of not less <br /> than 15, 000 square feet, and which are to be located within <br /> the CBD, may be considered for three-year real property tax <br /> abatement. <br /> (2) Rehabilitation: Proposed rehabilitation of <br /> existing structures located within the CBD for office <br /> development, and which propose not less than 5,000 square <br /> feet to be rehabilitated, may be considered for three-year <br /> real property tax abatement. <br /> (c) Six-Year General Standards. <br /> (1) New Construction: Proposed office <br /> developments which incorporate new construction of not less <br /> than 30, 000 square feet, and which are to be located within <br /> the CBD, may be considered for six-year real property tax <br /> abatement. <br /> (2) Rehabilitation: Proposed rehabilitation of <br /> existing structures located within the CBD for office <br /> development, and which propose that not less than 10, 000 <br /> square feet to be rehabilitated, may be considered for six- <br /> year real property tax abatement. <br /> (d) Ten-Year General Standards: <br /> (1) New Construction: Proposed office <br /> developments which incorporate new construction of not less <br /> than 50,000 square feet, and which are to be located in the <br /> CBD, may be considered for ten-year real property tax <br /> abatement. <br /> (2) Rehabilitation: Proposed rehabilitation of <br /> existing structures located within the CBD, and which <br /> propose not less than 20,000 square feet to be <br /> rehabilitated, may be considered for ten-year real property <br /> tax abatement. <br />