O-2006-2956 - Laserfiche WebLink

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" (g) The designation of a reinvestmenf zone hereunder shall expire five years after the date of its designation and may be renewed for periods not to e:{Cceed five years. The expiration of a designation, however, shall not affect existing agreements entered. into pursuant to section 66-140 or section 66-145 of this 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 rei..TJ.vestment zone. . The agreement shall be coD;ditioned 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 ab&tement, (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 allowailce is made for necessary improvements; and (c) Property in a reinvestmen,t zone that is owned or leased by a member of the city council or by a member of the city planniri.g coli1.mission 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 reqvirements of section 66:..143; and (2) The applicant provides evidence of good cause as to why the city shouid grant tax abatements for improvements or repairs completed before the city's approval of the tax abatem~nt 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. DEFINITlONS (a) "Abatement" means the full or partial exemption from ad valorem taxes of certain - 3 -