[Ord. 1036, 7/25/2016]
This Part shall be known as the "Local Economic Revitalization
Tax Assistance Act of the Borough of Hatboro."
[Ord. 1036, 7/25/2016]
The following words or phrases, when used in this Part, shall
have the meanings ascribed to them in this section, except where the
context clearly indicates a different meaning:
DETERIORATED PROPERTY
Any industrial, commercial or other business property owned
by an individual, association, or corporation, and located in a deteriorating
area, as provided by ordinance or resolution, 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, ordinances, 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.
[Ord. 1036, 7/25/2016]
The exemption from real estate taxes provided for herein shall
be forfeited by the applicant and/or any subsequent owner of the real
estate for the failure to pay any nonexempt real estate taxes by the
last day of the time period to pay such taxes in the penalty period.
Upon receipt of the notice of nonpayment of nonexempt real estate
taxes, the Borough Treasurer shall discontinue the LERTA exemption.