§ 2-77. Multi-family residential developments.

(a)

Generally. The Council believes that the following general standards have a reasonable relationship to the development objectives of multi-family projects within the City, and would warrant tax abatement consideration as set forth herein.

(b)

Base abatement general standards.

(1)

New construction. Proposed multi-family residential developments which incorporate new construction of not less than one million dollars ($1,000,000.00) in hard-dollar costs, which are to be located in the Economic Development Target Areas, and which specify or guarantee that for the duration of the abatement at least twenty (20) percent of the units shall be available for use by low and moderate income individuals or families, may be considered for a base abatement consisting of three (3) years real property tax abatement.

(2)

Rehabilitation. Proposed multi-family residential developments which incorporate rehabilitation of not less than two hundred fifty thousand dollars ($250,000.00) in hard-dollar costs, which are to be located in the Economic Development Target Areas, and which specify or guarantee that for the duration of the abatement at least twenty (20) percent of the units shall be available for use by low and moderate income individuals or families, may be considered base abatement consisting of consisting of three (3) years real property tax abatement.

(c)

Add-on abatement general standards. Proposed multi-family residential developments, which qualify to be considered for a base abatement under the provisions of subsection (b) above, may be considered for an add-on abatement consisting of from one (1) to seven (7) years real property tax abatement.

(d)

Compliance with State law. All applicants seeking real property tax abatement consideration under this section must also comply with all applicable regulations set forth in IC 6-1.1-12.1-1 et seq.

(Ord. No. 9394-03, § I)