O-2005-2809 - Laserfiche WebLink

Browse Search

e e (g) The designation of a reinvestment zone hereunder shall expire five years after the date of its designation and may be renewed for periods not to exceed five years. The expiration of a designation, however, shall not affect existing agreements entered into pursuant to section 66-140 or section 66-145 ofthis chapter. (2) Agreement for property tax abatement. (a) Upon designation of a reinvestment zone, the city may enter into property tax abatement agreements with interested owners of taxable real property located within the reinvestment zone. The agreement shall be conditioned on the owner of the property making certain improvement or repairs to the property as outlined in Section 66-143, Application. (b) In addition to the guidelines and criteria contained herein, to be eligible for tax abatement the planned improvement: (1) Should provide an economic benefit to the city, taking all relevant factors into consideration, including (i) size of the abatement, (ii) income from sales tax and franchise fees generated by the planned improvement, and (iii) any additional expense to the city services as a result of the improvement; and (2) Must be necessary because capacity cannot be provided efficiently utilizing existing improved property when reasonable allowance is made for necessary improvements; and (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 66-143; 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. Section 66-141. DEFINITIONS (a) "Abatement" means the full or partial exemption from ad valorem taxes of certain - 3 -