Amending Chapter 2 Article 6 Addressing Tax Abatement Procedures

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• • 1. Real Property Tax Abatement (a) Multi-Family Housing Projects: (1) For three year tax abatement: (A) Location within a-Tax Abatement-impaet-Area an Economic Development Target Area established by the South Bend Economic Development Commission. (2) For six year tax abatement: (A) Location in-a-Tax-Abatement Impaet-Area within an Economic Development Target Area established by the South Bend Economic Development Commission; and (C) Fifteen-pereent-{154} Twenty percent (20%) of the dwelling units available for occupancy by low or moderate income households, as defined by regulations of the United States Department of Housing and Urban Development. (3) For ten year tax abatement: (A) Location in-a-Tax-Abatement impaet-Area within an Economic Development Target Area established by the South Bend Economic Development Commission; and (C) F teen-pereent-{15%} Twenty percent (20%) of the dwelling units available for occupancy by low or moderate income households, as defined by regulations of the United States Department of Housing and Urban Development. (c) Petition filing. Owners of real property or of new manufacturing equipment located within the City may petition the Common Council on forms provided by the City Clerk for real or personal property tax abatement consideration. The petition(s) , the "Statement of Benefits" form(s) prescribed by the State Board of Accounts, as well as letter(s) summarizing the salient points of each Resolution must accompany the Declaratory Resolution filed for Council consideration. A separate letter and Confirming Resolution are also required from the Petitioner. All information and attachments required on the petition must be completed and filed with the City Clerk together with a filing fee of one hundred and fifty dollars ($150.00) to cover reasonable processing and administrative costs.