§ 2-79. Retail developments in Central Business District, East Bank Development Area and Tax Abatement Impact Areas.

(a)

Generally. The Council believes that the following general standards have a reasonable relationship to the development objectives for retail development within the Central Business District, East Bank Development Area or TAIA, and would warrant tax abatement consideration as set forth herein.

(b)

Base abatement general standards.

(1)

New construction. Proposed Retail developments which incorporate new construction which is to be located within the Central Business District, East Bank Development Area, or TAIA may be considered for a base abatement consisting of three (3) years real property tax abatement.

(2)

Rehabilitation. Proposed retail developments which incorporate rehabilitation of existing structures located within the Central Business District, East Bank Development Area or TAIA may be considered for a base abatement consisting of three (3) years real property tax abatement.

(c)

Add-on abatement general standards. Proposed retail 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)