The following words and phrases, when used in this chapter,
shall have the following meanings:
DETERIORATED PROPERTY
Any commercial or other business property owned by an individual,
association, or corporation, and located in a deteriorating area,
as hereinafter provided.
IMPROVEMENT
Repair, construction or reconstruction including alterations
and additions having the effect of rehabilitating a deteriorated property
so that it become habitable or attains higher standards of safety,
health, economic use or amenity, or is brought into compliance with
laws, ordinances or regulations governing such standards. Ordinary
upkeep and maintenance shall not be deemed an improvement.
An application for exemption may be made at any time within
five years from the effective date of this chapter. All qualified
applications under this chapter are eligible for the entire five-year
exemption schedule.
The Township may, by ordinance adopted from time to time, extend
the time for filing an application for extension. However, in no event
shall any one extension period exceed five years.
The exemption from real estate taxes provided for herein shall
be forfeited by the applicant and/or any subsequent owner of the real
estate for the failure to pay any nonexempt real estate taxes by the
last day of the time period to pay such taxes in the penalty period.
Upon receipt of the notice of nonpayment of nonexempt real estate
taxes, the Township Treasurer shall discontinue the LERTA exemption.
Any ordinance, or part thereof, which conflicts with the provisions
of this chapter are hereby repealed.
The provisions of this chapter are severable and if any of its
sections, clauses or sentences shall be held illegal, invalid or unconstitutional,
such provisions shall not affect or impair any of the remaining sections,
clauses or sentences.
This chapter shall become effective five days after enactment.