[Ord. 6-2007, 12/17/2007, Art. I]
1. 
Unless the context specifically and clearly indicates otherwise, the meaning of terms and phrases used in this Part shall be as follows:
ACT or LERTA
Local Economic Revitalization Tax Assistance Act of the Commonwealth, Act No. 1977-76, as amended and supplemented.
COMMONWEALTH
The Commonwealth of Pennsylvania.
COUNTY
The County of Lebanon, Pennsylvania, acting by and through its Board of County Commissioners, or, in appropriate cases, acting by and through its authorized representatives.
DESIGNATED AREA
The area within the Township identified in § 24-802 of this Part.
ELIGIBLE PROPERTY
Any industrial, commercial or other business property located in the designated area.
IMPROVEMENT
Repair, construction or reconstruction, including alterations and additions, having the effect of rehabilitating any industrial, commercial or other business property owned by any individual, association or corporation and located in the designated area; "improvements" does not include any ordinary upkeep or maintenance.
LOCAL TAXING AUTHORITY
Includes the Township, the County and the School District.
PERSON
Any individual, partnership, company, association, society, trust, corporation, municipality, municipality authority or other group or entity.
SCHOOL DISTRICT
The Cornwall-Lebanon School District, Lebanon County, Pennsylvania, acting by and through its Board of School Directors, or, in appropriate cases, acting by and through its authorized representatives.
TOWNSHIP
The Township of North Lebanon, Lebanon County, Pennsylvania, acting by and through its Board of Supervisors, or, in appropriate cases, acting by and through its authorized representatives.
[Ord. 6-2007, 12/17/2007, Art. II]
This Township does hereby designate the area located within the following boundaries as a "deteriorated area" within the meaning of the Act, and one in which the local taxing authorities may grant a tax exemption pursuant to the provisions of the Act:
"The tracts owned on the date hereof by the LVEDC and described in those certain deeds recorded in the Lebanon County, Pennsylvania, Recorder of Deeds Office in Deed Book 374, Page 765; Record Book 2038, Page 769; and Record Book 2041, Page 1061. The property includes all numbered lots (other than Lot # 1) and the residual lands of LVEDC, identified as the North Lebanon Business Park on the approved Preliminary Subdivision Plan for the North Lebanon Business Park dated March 31, 2004, last revised August 18, 2004, as referenced in the Valspar/LVEDC Lot # 1 Final Plan for North Lebanon Business Park dated May 3, 2004, last revised August 23, 2004, and recorded in the Office of the Recorder of Deeds in and for Lebanon County; Pennsylvania on September 2, 2004, at Plan Book 59, Page 103."
This does not include the Valspar lot as described in Exhibit "A" attached hereto.
[Ord. 6-2007, 12/17/2007, Art. III]
This Township does hereby establish that the maximum assessment eligible for tax exemption with respect to any eligible property shall be the additional assessment attributable to the actual cost of new construction or improvements.
[Ord. 6-2007, 12/17/2007, Art. VI]
It is declared that enactment of this Part and the provisions hereof are necessary for the protection, benefit and preservation of the health, safety and welfare of inhabitants of this Township.