§ 2-81. Institutional development in Central Business District, East Bank Development Area and Urban Enterprize Zone.

(a)

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

(b)

Base abatement general standards.

(1)

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

(2)

Rehabilitation. Proposed rehabilitation of institutional developments located within the Central Business District, East Bank Development Area and UEZ, may be considered for a base abatement consisting of three (3) years real property tax abatement.

(c)

Add-on abatement general standards. : Proposed institutional 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)