As used in this article, the following words and phrases shall
have the meanings set forth below:
The following words and phrases when used in this act shall
have, unless the context clearly indicates otherwise, the meanings
given to them in this section:
DETERIORATED PROPERTY
Any industrial, commercial or other business property owned
by an individual, association or corporation, and located in a deteriorating
area, as hereinafter provided, or any such property which has been
the subject of an order by a government agency requiring the unit
to be vacated, condemned or demolished by reason of noncompliance
with laws, ordinance or regulations.
IMPROVEMENT
Repair, construction or reconstruction, including alterations
and additions, having the effect of rehabilitating a deteriorated
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
A county, city, borough, incorporated town, township, institution
district or school district having authority to levy real property
taxes, specifically Punxsutawney Borough.
Any industrial, commercial or business properties within the
limits of the Punxsutawney Borough are considered to be deteriorated
areas as defined by statute, 72 P.S. § 4725 , and are eligible
for tax exemption under this act.
This article shall take effect retroactive to January 1, 2015,
and shall remain in effect until otherwise amended or repealed.