Subject to the schedule hereinafter set forth,
there is hereby exempted from all real property taxation that portion
of the additional assessment attributable to the actual costs of improvements
to the designated deteriorated property.
As used in this article, the following term
shall have the meaning indicated:
IMPROVEMENTS
Repair, new construction or reconstruction, including alterations
or additions, having the effect of rehabilitating the deteriorated
property so that it becomes habitable, usable and attains higher standards
of safety, health, economic use or amenity, and is brought into compliance
with laws, ordinances or regulations governing such standards.
This article shall become effective upon adoption
by the Ridley School District and the County of Delaware of resolutions
exempting from real property taxation improvements to properties in
accordance with the terms of this article.
No amendment to this article shall be effective
unless consented to by resolution or ordinance of each taxing authority
consenting to be bound by the terms of this article.