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5. 268 through 309 Public Benefit Points eams consideration of four (4) <br /> additional years of abatement <br />6. 310 through 351 Public Benefit Points eams consideration of five {5) <br /> additional years of abatement <br />7. 352 through 393 Public Benefit Points eams consideration of six (6) <br /> additional years of abatement <br />8. 394 to 1,000 Public Benefit Points eams consideration of seven (7) <br /> additional years of abatement <br />DIVISION 2. RESIDENTIAL DEVELOPMENT REAL PROPERTY TAX ABATEMENT <br />Sec. 2-77. Multi-Family Residential Developments <br />A. Generally: The Council believes that the following general standards have a <br />reasonable relationship to the development objectives of multi-family projects within the City, <br />and would warrant tax abatement consideration as set forth herein. <br />B. Base Abatement General Standards: <br />New Construction: Proposed multi-family residential developments which <br />incorporate new construction of not less than one million dollars ($1,000,000.00) <br />in Hard-dollar Costs, which are to be located in the Economic Development <br />Target Areas, and which specify or guarantee that for the duration of the <br />abatement at least twenty percent (20%) of the units shall be Available For Use <br />by Low And Moderate Income Individuals Or Families, may be considered for a <br />Base Abatement consisting of three (3) years real property tax abatement. <br />2. Rehabilitation: Proposed multi-family residential developments which incorporate <br />Rehabilitation of not less than two hundred fifty thousand dollars ($250,000.00} in <br />Hard-dollar Costs, which are to be located in the Economic Development Target <br />Areas, and which specify or guarantee that for the duration of the abatement at <br />least twenty percent (20%) of the units shall be Available For Use by Low And <br />Moderate Income Individuals Or Families, may be considered Base Abatement <br />consisting of consisting of three (3) years real property tax abatement. <br />C. Add-on Abatement General Standards: Proposed multi-family residential <br />developments, which qualify to be considered for a Base Abatement under the provisions of <br />paragraph B above, may be considered for an Add-on Abatement consisting of from one (1) <br />to seven (7) years real property tax abatement. <br />E. Compliance with state law: All applicants seeking real property tax abatement <br />consideration under this section must also comply with all applicable regulations set forth in <br />lC 6-1.1-12.1-1 et seq. <br />Sec. 2-77.1. Single-family Residential Construction <br />A. Generally: The Council believes that the following general standards have a <br />reasonable relationship to the development objectives of single-family residential <br />Tax Abatement Ordinance Page 29 <br />