[Adopted 6-18-2009 by Ord. No. 866]
Effective as of June 18, 2009, until December 31, 2017, contingent only upon DCED's approval of the application for the enhancement of the Sayre Keystone Opportunity Zone (Keystone Opportunity Expansion Zone), the following provisions shall apply:
A. 
Real property in the Enhanced Area[1] is exempt from property taxes in accordance with the provisions and limitations hereinafter set forth within the boundaries of the Enhanced Area in accordance with the Act,[2] such exemption to run from June 18, 2009, until December 31, 2017.
[1]
Editor’s Note: As set forth in the preamble of Ord. No. 866, in adopting the provisions of Art. V, the Enhanced Area is a defined geographical and political boundary of Sayre Borough, bounded as in Attachment A. See Exhibit A, included as 149 Attachment 1 in this chapter.
[2]
Editor’s Note: As set forth in the preamble of Ord. No. 866, in adopting the provisions of Art. V, the "Act" is the Pennsylvania Keystone Opportunity Zone and Keystone Opportunity Expansion Act, as amended by Act 217 of 2002. See 73 P.S. 820.101 et seq.
B. 
The exemption shall be 100% of the real property taxation on the assessed evaluation of property within the Enhanced Area.
C. 
Earned income and net profits, taxes: Sayre Borough also waives business gross receipts tax for operations conducted by a qualified business; earned income received by a resident and/or net profits of a qualified business received by a resident or nonresident of the Enhanced Area attributable to business activity conducted within the Keystone Opportunity Zone (Keystone Opportunity Expansion Zone).
D. 
The provisions of the Act not herein enumerated shall, nevertheless, be incorporated as part of this article.
E. 
This article shall become effective June 18, 2009, contingent and conditioned on the approval by DCED of the application with respect to the Enhanced Area of the Sayre Keystone Opportunity Zone (Keystone Opportunity Expansion Zone).