(A) Office development standards. The County Council believes that the following tax abatement general standards in divisions (A)(1) through (A)(3) below have a reasonable relationship to the development objectives of office developments within the county, and would warrant tax abatement consideration as set forth herein.
(1) Three-year general standards.
(a) New construction. Proposed office developments which incorporate new construction of a hard dollar cost of not less than $450,000 may be considered for three-year real property tax abatement.
(b) Rehabilitation. Proposed rehabilitation of existing structures located within the county for office development, and which propose not less than $150,000 in hard dollar cost of rehabilitation, may be considered for three-year real property tax abatement.
(2) Six-year general standards.
(a) New construction. Proposed office developments which incorporate new construction of a hard dollar cost of not less than $900,000 may be considered for six-year real property tax abatement.
(b) Rehabilitation. Proposed rehabilitation of existing structures located within the county for office development, and which propose a hard dollar cost of not less than $300,000 for rehabilitation, may be considered for six-year real property tax abatement.
(3) Ten-year general standards.
(a) New construction. Proposed office developments which incorporate new construction of a hard dollar cost of not less than $1,500,000 may be considered for ten-year real property tax abatement.
(b) Rehabilitation. Proposed rehabilitation of existing structures located within the county for office development, and which propose a hard dollar cost of not less than $600,000 for rehabilitation, may be considered for ten-year real property tax abatement.
(B) 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 I.C. 6-1.1-12.1-2 et seq.
(Council Ord. 97-37, passed 10-7-1997)