(A) Generally. The Town Council believes that the following tax abatement general standards have a reasonable relationship to the development objectives of mixed use developments within the town, and would warrant tax abatement consideration as set forth herein.
(B) Three-year general standards.
(1) New construction. Proposed mixed use developments which incorporate new construction of not less than 15,000 square feet may be considered for three-year real property tax abatement.
(2) Rehabilitation. Proposed rehabilitation of existing structures located within the town and which propose not less than 5,000 square feet to be rehabilitated, may be considered for six-year real property tax abatement.
(C) Six-year general standards.
(1) New construction. Proposed mixed use developments which incorporate new construction of not less than 30,000 square feet may be considered for six-year real property tax abatements.
(2) Rehabilitation. Proposed rehabilitation of existing structures located within the town for mixed use development, and which propose that not less than 10,000 square feet to be rehabilitated, may be considered for six-year real property tax abatement.
(D) Ten-year general standards.
(1) New construction. Proposed mixed use developments which incorporate new construction of not less than 50,000 square feet may be considered for ten-year real property tax abatement.
(2) Rehabilitation. Proposed rehabilitation of existing structures located within the town, and which propose rehabilitation of not less than 20,000 square feet, may be considered for a ten-year real property tax abatement.
(E) 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. 6-1.1-12.1-1 et seq.
(Ord. 5-97, passed 3-24-1997)