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<br />. <br /> <br />e OR~G'NAL <br /> <br />(g) The designation of a reinvestment zone hereunder shall <br />expire five years after the date of its designation and may be <br />renewed for periods not to exceed five years. The expiration of a <br />designation, however, shall not affect existing agreements entered <br />into pursuant to section 66-145 or section 66-146 of this chapter. <br /> <br />Sec. 66-141. Definitions. <br /> <br />For the purpose of this article, the following words and terms <br />shall have the meanings respectively ascribed: <br /> <br />Abatement means the full or partial exemption from ad valorem <br />taxes of certain real and/or personal property in a reinvestment <br />zone designated for economic development purposes. <br /> <br />Agreement means a contractual agreement between a property <br />owner and/or lessee and an eligible jurisdiction for the purpose of <br />tax abatement. <br /> <br />Base year value means the assessed value of eligible property <br />January 1, preceding the execution of the agreement plus the agreed <br />upon value of eligible property improvements made after January 1, <br />but before the execution of the agreement. <br /> <br />Competitively-sited project means a project where the <br />applicant has studied competing locations for expansion, <br />relocation, or new operations to evaluate operating cost <br />differentials and incentives available. <br /> <br />Contract employee means a person who is not an employee of the <br />abatement recipient, but who does work for the abatement recipient <br />in the reinvestment zone on a contract basis, either on a full or <br />part-time basis. <br /> <br />Deferred maintenance means improvements necessary for <br />continued operations which do not improve productivity or alter the <br />process technology. <br /> <br />Director means the director of the ci ty I S department of <br />finance. <br /> <br />Economic life means the number of years a property improvement <br />is expected to be in service in a facility. <br /> <br />Eligible jurisdiction means any county, municipality, school <br />district or college district, that levies ad valorem taxes upon and <br />provides services to property located wi thin the proposed or <br />existing reinvestment zone. <br /> <br />Expansion means the addition of buildings, structures, fixed <br />machinery or equipment for purposes of increasing production <br />capacity. <br /> <br />Facili ty means property improvements completed or in the <br /> <br />3 <br />