9394-03 Amend Chapter 2, Replacing in its entirety Article 6 Entitled Tax Abatement Procedures

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33. "Workforce Development Services" and "WDS" mean Workforce Development Services of St. Joseph County or its successor agency. B. Any term not otherwise defined in this Article 6 has the meaning ascribed to it in IC 6- 1.1-12.1-1 et seq. C. All defined terms are to be interpreted that the singular includes the plural and vice versa as indicated by the context. D. The terms "including", "such as", and similar terms, when used as part of a phrase containing one or more specific items, are to be interpreted as being used by way of example and not of limitation. E. All references to provisions of the Indiana Gode, the Municipal Code of South Bend, and the United States Code are to be interpreted as meaning these provisions as they exist on the effective date of this ordinance and as they may be amended in the future. Sec. 2-76.2 Abatement Tiers The Council in its discretion may grant tax abatements in tiers. As provided in Section 2- 76.3, the first tier is a Base Abatement which the Council intends to provide an incentive for investments that increase the assessed valuation of property in the City, increase or retain jobs, eliminate blight, and foster economic development or revitalization. As provided in Section 2-76.4, the second tier is an Add-on Abatement which the Council intends to provide an incentive for property investors to execute certain actions that the Council believes will foster economic development and other public benefits in the community. Sec. 2-76.3 Base Abatement A Base Abatement ("Base Abatement") is an abatement for three (3) years in the case of real property other than single-family residential, five (5) years in the case of real property that is single-family residential, and five (5) years in the case of personal property. The Council may grant a Base Abatement to an applicant who fulfills the following requirements: A. The applicant's proposed project meets the requirements set forth in Sections 2-77 through 2-83.3 for real property or Section 2-84.2 for personal property. B. The Council deems the applicant's proposed project likely to generate within aten-year period financial returns (i.e., revenue from sources such as new real or personal property taxes, additional or retained County Option Income Taxes, payments-in-lieu of taxes, private contributions, and public user fees) and other economic and social benefits to the community sufficient to justify the costs that would be incurred by the City for municipal infrastructure improvements (including water, sewer and drainage facilities; wastewater treatment facilities; road, street and alley improvements; street lighting; and traffic control) and additional municipal services needed to enable or directly benefit the project. C. The applicant has executed a Memorandum of Agreement ("Memorandum of Agreement") prepared by the Community and Economic Development Department. The Memorandum of Agreement is a legally binding agreement representing a contractual relationship between the applicant and the Council. It may become effective upon the Council granting the abatement, which includes provisions setting forth: Tax Abatement Ordinance Page 22