11-25-13 Common Council Agenda & Packet

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South Bend Tax Abatement Ordinance Overview Procedures and Ceneral Standards—Abatement in Tiers South Bend's Abatement Program is a program which awards a base level of abatement for any project that meets certain minimum level development standards. Additional years of abatement may be added to this base for projects involving the development or rehabilitation of commercial real property listed in the following table provided the project fosters certain economic development and other public benefits. Base Abatement Base Abatements may be awarded according to the following schedule: Development Area New Rehab. Add- Base Constr. On? Yrs Multi-Family EDTA $1,000,000 $250,000 Yes 3 Single Family City-wide An n.a. No 5 Office CBD 15,000 sf 5,000 sf Yes 3 Office EBDA,TAIA 7,500sf 5,000 s£ Yes 3 Retail CBD, EBDA, TAIA A_ny Any Yes 3 Retail UEZ Any Any Yes 3 Mixed Use CBD 15,000 sf 5,000 sf Yes 3 Mixed Use EBDA 7,500 sf 5,000 sf Yes 3 Institutional CBD,EBDA, UEZ Any Any Yes 3 Hotel/Motel CBD,EBDA,AEDA 20 rooays n.a. Yes 3 Industrial City-wide 10,000 sf 10,000 sf Yes 3 Industrial UEZ,RBA Any Any Yes 3 Warehouse City-wide 25,000 sf 25,000 sf Yes 3 Warehouse EDTA, UEZ, RBA Any Any Yes 3 Personal Property City-wide Any None No 5 (Equip. &Machine Definitions of Area Abbreviations Airport Economic Development Area Central Business District East Bank Development Area Economic Development Target Area Redevelopment Blighted Area Tax Abatement Impact Area Urban Enterprise Zone Additional Base Abatement Criteria • The project must be perceived to generate a ten-year financial return (in taxes, fees,pmts, community econ &social benefits...)sufficient to justify[lie City's direct investment in infrastructure support. 0 A Memorandum of Agreement is executed which speaks to: • The conditions of the abatement • The timeframe for actions • An agreement to respond to surveys related to compliance (Rev. 5/13/11)