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e tRIGINAl OWner of taxable real property shall mean the person, corporation, company or other entity responsible for paying property taxes on certain property or an interest therein including a leasehold interest or interests. Sec. 66-147. Agreement for redevelopment property tax abatement. (a) Upon designation of a reinvestment zone, the city shall enter into property tax abatement agreements with interested owners of taxable real property located within the reinvestment zone. Upon the city's execution of an agreement hereunder, the base year value shall be determined. The agreement shall be conditioned on the owner of the property making certain improvement or repairs to the property as certified by the director as being consistent with the revitalization strategy. (b) In addition, the agreement shall be conditioned on those improvements or repairs being completed within two years of the date of the agreement. The tax abatement allowed under these agreements shall be 100 percent of the increase above the certified appraised value of the building or buildings or the portion of the building or buildings used for commercial or industrial purposes. The agreement shall provide that property tax abatement shall begin on January of the year following the completion of the improvements or repairs contemplated by the agreement. The maximum duration of tax abatements approved under sections 66-146 and 66-147 shall not exceed five years. (c) Property in a reinvestment zone that is owned or leased by a member of the city councilor by a member of the city planning commission is excluded from property tax abatement. (d) The city may enter into a property tax abatement agreement with the interested owners of taxable real property for improvements or repairs completed before the city's approval of the tax abatement agreement if: (1) The applicant has complied with the requirements of section 66-142; and (2) The applicant provides evidence of good cause as to why the city should grant tax abatements for improvements or repairs completed before the city's approval of the tax abatement agreement; and (3) The agreement is consistent with the requirements of subsections (a) through (c) above, except as provided in paragraph (2) of this subsection. Notwithstanding any other provision of this section, for tax abatement agreements approved under this subsection (d), city council shall determine the year that property tax abatement shall begin. 12