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Sec. 2-78.1. Office Developments Within East Bank Development Area And Tax <br />Abatement Impact Areas <br />A. Generallv: The Council believes that the following general standards have a <br />reasonable relationship to the development objectives of office development projects within <br />the East Bank Development Area and the Tax Abatement Impact Areas, and would warrant <br />tax abatement consideration as set forth herein. <br />B. Base Abatement General Standards: <br />1. New construction: Proposed office developments which incorporate new <br />construction of not less than seven thousand five hundred (7,500) square feet, <br />and which are to be located within the East Bank Development Area or TAIA, <br />may be considered for a Base Abatement consisting of three (3) years real <br />property tax abatement. <br />2. Rehabilitation: Proposed Rehabilitation of existing structures located within the <br />East Bank Development Area or TAIA, and which propose Rehabilitation of not <br />less than five thousand (5,000) square feet, may be considered for a Base <br />Abatement consisting of three (3) years real property tax abatement. <br />C. Add-on Abatement General Standards: Proposed office developments which qualify to <br />be considered for a Base Abatement under the provisions of paragraph B above, may be <br />considered for an Add-on Abatement consisting of from one (1) to seven (7) years real <br />property tax abatement. <br />D. 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 />t.C. 6-1.1-12.1-1 et seq. <br />DIVISION 4. RETAIL DEVELOPMENT REAL PROPERTY TAX ABATEMENT <br />Sec. 2-79. Retail Developments In Central Business District, East Bank <br />Development Area And Tax Abatement Impact Areas <br />A. Generallv: The Council believes that the following general standards have a <br />reasonable relationship to the development objectives for Retail development within the <br />Central Business District, East Bank Development Area or TAIA, and would warrant tax <br />abatement consideration as set forth herein. <br />B. Base Abatement General Standards: <br />New construction: Proposed Retail developments which incorporate new <br />constnaction which is to be located within the Central Business District, East <br />Bank Development Area, or TAIA may be considered for a Base Abatement <br />consisting of three (3) years real property tax abatement. <br />2. Rehabilitation: Proposed Retail developments which incorporate Rehabilitation <br />of existing structures located within the Central Business District, East Bank <br />Development Area or TAIA may be considered for a Base Abatement consisting <br />of three (3) years real property tax abatement. <br />Tax Abatement Ordinance Page 31 <br />