Amending Chapter 2 Entitled Tax Abatement Procedures

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centerline, extended, to its intersection with the northeasterly right-of-way line of the New York Central Railroad; thence Southeasterly along said right-of-way line to its intersection with the centerline of Walnut Street; thence North along said centerline to its intersection with the first alley north of Western Avenue; thence East along said alley to its intersection with the line 132.0 feet west of and parallel to the west right-of-way line of Chapin Street; thence North along said line, extended, including Lot 10 of the Ann Thomas Subdivision of the Mid. Part of Bank Out Lot 74, to its intersection with the line 159.72 feet north and parallel to the north right-of-way line of Jefferson Boulevard; thence East along said line to its intersection with the line 181. 5 feet east of and parallel to the east right-of-way line of Chapin Street; thence South along said line, extended, to its intersection with the first alley south of Western Avenue; thence West along said alley, extended, including a tract of land conveyed to Michiana Marlin Swim Club, Inc. by a deed recorded on Deed Record number 8400928 in the office of the Recorder of St. Joseph County, Indiana, and the Benjamin Harrison School, to its intersection with the centerline of Sheridan Street; thence North along said centerline to its intersection with the first alley north of Western Avenue, extended, which is the point of beginning. (b) Eligibility. Tax abatement petitions to the Common Council shall be considered only from owners of real property or new manufacturing equipment personal property located within the City who propose economic revitalization projects which conform to #t/X0A4t/$4¢/$f/ ii0/f0140 44t/¢ 4t0 4#1 general standards for the relevant category, which will be used, along with requirements set forth in the definition of economic revitalization area at I.C. 6-1.1-12.1-1(1) , by the Common Council in finding an area to be an economic revitalization area for purposes of property tax abatement under I.C. 6-1.1-12.1-1 et seq. The Council hereby determines the following standards have a reasonable relationship to the development objectives of the City of South Bend. 1. Real Property Tax Abatement. (a) Housing projects: (1) For three year tax abatement: (A) Location within a Tax Abatement Impact Area. (2) For six year tax abatement: (A) Location in a Tax Abatement Impact Area; and (B) Minimum construction costs estimated to exceed Five Hundred Thousand r,..i i&CAA Ann nn l