Laserfiche WebLink
South Bend Tax Abatement Ordinance Overview <br />Procedures and General Standards — Abatement in Tiers <br />South Bend's Abatement Program is a program which awards a base level of <br />abatement for any project that meets certain minimum level development standards. <br />Additional years of abatement may be added to this base for projects involving the <br />development or rehabilitation of commercial real property listed in the following table <br />provided the project fosters certain economic development and other public benefits. <br />Base Abatement <br />Base Abatements may be awarded according to the following schedule: <br />Development Area <br />New <br />Ri <br />Constr. <br />Multi - Famil EDTA <br />$1,000,000 <br />$251 <br />Sin le Famil Cit -wide <br />An <br />Office CBD <br />15,000 sf <br />5,C <br />Office EBDA, TAIA <br />7,500sf <br />5,0 <br />Retail CBD, EBDA, TAIA <br />An <br />Retail UEZ <br />n <br />Mixed Use CBD <br />15,000 sf <br />5,01 <br />Mixed Use EBDA <br />7,500 sf <br />5,01 <br />Institutional CBD, EBDA, UEZ <br />An <br />Hotel /Motel CBD, EBDA, AEDA <br />20 rooms <br />Industrial it -wide <br />10,000 sf <br />10,0( <br />Industrial UEZ, RBA <br />An <br />Warehouse Cit -wide <br />25,000 sf <br />25,0( <br />Warehouse EDTA, UEZ, RBA <br />An <br />Personal Property City -wide <br />Any <br />K <br />E ui . & Machine <br />Definitions of Area Abbreviations <br />Airport Economic Development Area <br />East Bank Development Area <br />Redevelopment Blighted Area <br />Urban Enterprise Zone <br />Additional Base Abatement Criteria <br />Add- I Base <br />On? Yrs <br />n.a.l No <br />sf I Yes <br />1 Yes <br />sf Yes <br />sf Yes <br />n Yes <br />Yes <br />Yes <br />Yes <br />[one I No <br />Central Business District <br />Economic Development Target Area <br />Tax Abatement Impact Area <br />The project must be perceived to generate a ten -year financial return (in taxes, <br />fees, pmts, community econ & social benefits...) sufficient to justify the <br />City's direct investment in infrastructure support. <br />A Memorandum of Agreement is executed which speaks to: <br />• The conditions of the abatement <br />• The timeframe for actions <br />o An agreement to respond to surveys related to compliance <br />(Rev. 5113111) <br />