[Ord. 1995-O-19, 12/27/1995, § I]
As used in this Part, the following words and phrases shall have the meaning set forth below:
IMPROVEMENT
Repair, construction or reconstruction, including alterations or additions, having the effect of rehabilitating the property so that it becomes 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.
LOCAL TAXING AUTHORITY
The County of Bucks, the Township of Newtown and the Council Rock School District.
PROPERTY
All industrial, commercial or other business property owned by an individual, association or corporation and located within the area, as hereinafter provided in this Part.
[Ord. 1995-O-19, 12/27/1995, § II]
1. 
The Newtown Township Board of Supervisors hereby designates the boundaries of the following area as appropriate for tax relief:
A. 
A portion of the Bucks County Tax Parcel No. 29-10-75-1 consisting of 52.02 acres fronting on the access road from the Newtown Yardley Road (S.R. 332) as set forth in the legal description attached hereto and incorporated herein by reference as "Exhibit A" and as shown as Parcel 2 on the plan attached hereto and incorporated herein as "Exhibit B."
B. 
All commercial, industrial or local business properties located in this area may be eligible to participate in this tax exemption program.
[Ord. 1995-O-19, 12/27/1995, § III]
The amount to be exempted shall be limited to the additional assessment valuation attributable to the actual costs of improvements to the property.
[Ord. 1995-O-19, 12/27/1995, § IV]
1. 
Year 1 - 100%
Year 2 - 90%
Year 3 - 80%
Year 4 - 70%
Year 5 - 60%
Year 6 - 50%
Year 7 - 40%
Year 8 - 30%
Year 9 - 20%
Year 10 - 10%
Year 11 - 0%
2. 
The exemption from taxes granted under this Part shall be upon the property and shall not terminate upon the sale or exchange of the property.
[Ord. 1995-O-19, 12/27/1995, § V]
1. 
Where construction of an improvement occurs in the area designated by this Part to be exempt from property taxes, such entity performing such improvement shall, at the time application is made for a building permit for said improvement, complete a request for exemption form provided by the Township requesting said exemption.
2. 
A copy of the request or exemption shall be forwarded to the Bucks County Board of Assessment Office by the township of Newtown. Upon completion of the improvement or new construction, the taxpayer shall notify the County of Bucks and/or the Township of Newtown so that it may have the assessor assess the improvements separately for the purpose of calculating the amount of assessment eligible for tax exemption in accordance with the limits established in this Part. The Township of Newtown will then obtain from the assessor the amount of the assessment eligible for exemption, and shall notify the taxpayer. Appeals from the reassessment and the amount eligible for exemption may be taken by the taxpayer or the Township of Newtown as provided by law.
[Ord. 1995-O-19, 12/27/1995, § VI]
1. 
Unless otherwise repealed by the Board of Supervisors of Newtown Township, this Part shall terminate on December 31, 2005. Any property tax exemptions granted under the provisions of this Part shall be permitted to continue according to the exemption schedule even if this Part expires or is repealed.
2. 
This Part shall be rescinded, repealed and terminated with nothing further done by the Board of Supervisors of Newtown Township if the Bucks County Board of Commissioners and the Council Rock School District do not adopt a similar ordinance encompassing the same deteriorated exempt area on or before January 1, 1996.