§ 2-80.1. Mixed use developments in East Bank Development Area.

(a)

Generally. The Council believes that the following general standards have a reasonable relationship to the development objectives of mixed use development projects within the East Bank Development Area, and would warrant tax abatement consideration as set forth herein.

(b)

Base abatement general standards.

(1)

New construction. Proposed mixed use developments which incorporate new construction of not less than seven thousand five hundred (7,500) square feet, and which are to be located within the East Bank Development Area may be considered for a base abatement consisting of three (3) years real property tax abatement.

(2)

Rehabilitation. Proposed rehabilitation of existing structures located within the East Bank Development Area and which propose rehabilitation of not less than five thousand (5,000) square feet, may be considered for a base abatement consisting of three (3) years real property tax abatement.

(c)

Add-on abatement general standards. Proposed mixed use 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)