As used in this article, the following words and phrases shall
have the meaning set forth below:
ACT or LERTA
Local Economic Revitalization Tax Assistance Act of the Commonwealth,
Act No. 1977-76, as amended.
ASSESSED VALUATION
The value of a parcel of real property as established by
the Office of Property Assessment of the County of Bucks for the purpose
of the assessment and levy of real property upon which the building
is located.
BOROUGH
Borough of Chalfont, Bucks County, Pennsylvania, acting by
and through its Borough Council, or acting by and through its authorized
representatives.
BUSINESS PROPERTY
A property or structure primarily used for business purposes,
specifically excluding no-impact home-based businesses;
COUNTY
County of Bucks, Pennsylvania, acting by and through its
Board of County Commissioners, or acting by and through its authorized
representatives.
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; improvement does
not include any ordinary upkeep or maintenance.
PERSON
Any individual, partnership, company, association, society,
trust, corporation, municipality, municipal authority, or other group
or entity.
SCHOOL DISTRICT
Central Bucks School District, Bucks County, Pennsylvania,
acting by its Board of School Directors, or, in appropriate cases,
acting by and through its authorized representatives.
The provisions of this article shall expire upon the sixth anniversary
of its enactment, unless extended by ordinance duly adopted. Any property
tax exemptions granted under the provisions of this article shall
be permitted to continue according to the exemption schedule, even
if this article expires or is repealed.