For the purposes of this article, the following words and phrases
shall have the meanings respectively ascribed to them by this section:
ASSESSOR
The City Assessor for Colonial Heights, Virginia.
BASE ASSESSED VALUE
The assessed value of the structure as of January 1 of the
year in which the rehabilitation, renovation or replacement of the
structure begins.
COMMERCIAL STRUCTURE
Any structure or other improvement that is lawfully being
used or may be used for a commercial purpose. If any such structure
is lawfully being used for both a commercial and a noncommercial use,
it shall be deemed to be a commercial structure if more than 50% of
its total square footage is used for commercial purposes.
REHABILITATION, RENOVATION, OR REPLACEMENT
Expenditures associated with any internal or external, structural,
mechanical, or electrical improvements necessary to rehabilitate,
renovate, expand, or replace a commercial structure, and excavations,
grading, paving, driveways, roads, sidewalks, landscaping, or other
land improvements; including, but not limited to, costs associated
with demolition, carpentry, sheetrock, plaster, painting, ceilings,
fixtures, doors, windows, fire suppression systems, roofing and flashing,
exterior repair, cleaning, and cleanup.
Rehabilitation, renovation or replacement shall not include:
(1)
The cost of acquiring any real property or building;
(2)
The cost of furnishings; any expenditure associated with appraisal,
architectural, engineering and interior design fees; loan fees, points,
or capitalized interest; legal, accounting, realtor, sales and marketing,
or other professional fees; bids, insurance, exterior signage, utilities,
bonding, copying, rent loss, or temporary facilities incurred during
construction; utility hook-up or access fees; or outbuildings; and
(3)
The cost of rehabilitating, renovating, or replacing a structure
damaged by explosion, fire, earthquake, tornado, hurricane, flood,
or other acts of God.
[Amended 12-8-2009 by Ord. No. 09-25]
A. The Boulevard District. There is hereby created a Boulevard Commercial Structure Tax Exemption District (the "Boulevard District"), as depicted on an exhibit maintained by the Assessor, which shall consist of all commercial structures fronting on the Boulevard (Route 1) within the Colonial Heights City limits or contained within the Boulevard Overlay District as provided in Chapter
286 of this Code. Any commercial structure at least 20 years old within the Boulevard District whose base assessed value is increased by at least 25% due to rehabilitation, renovation, or replacement shall be eligible for an exemption from real estate tax equal to the increase in assessed value attributable to the rehabilitation, renovation, or replacement. Such exemption shall commence on January 1 of the year following completion of the rehabilitation, renovation, or replacement, and shall run with the real state for five years.
B. The Southpark District. There is hereby created a Southpark Commercial
Structure Tax Exemption District (the "Southpark District"), which
shall consist of all commercial structures within the geographic boundaries
depicted on an exhibit maintained by the Assessor entitled "The Southpark
Commercial Structure Tax Exemption District". Payment of the real
estate tax attributable to any structure at least 20 years old within
the Southpark District may be exempted by an amount up to 50% of the
cost of the structure's rehabilitation, renovation, or replacement
as long as such cost is at least $100,000. Such exemption shall commence
on January 1 of the year following completion of the rehabilitation,
renovation, or replacement, and shall run with the real estate for
five years.