[Adopted 6-6-2017 by Bill No. 2-2017]
A. 
Definitions. In this article the following words have the meanings indicated:
COMMERCE ZONE
A priority funding area in Kent County designated by the County Commissioners of Kent County as a commerce zone and adopted by resolution.
NEW, IMPROVED, OR EXPANDED PREMISES
Commercial or industrial real property, including a building or part of a building that has not been previously occupied, where a business entity locates to conduct business.
B. 
Program. The County Commissioners of Kent County may grant, by law, a property tax credit under this section against the County property tax imposed on or after July 1, 2015, on real property owned by a business entity that meets the requirements specified under this article.
To qualify for a property tax credit under this section, a business entity shall obtain new, improved, or expanded premises in a commerce zone by:
A. 
Purchasing newly constructed premises;
B. 
Constructing new premises;
C. 
Causing new premises to be constructed; or
D. 
Improving existing premises for occupation by the business entity.
If a business entity meets the definitions and requirements under §§ 153-33 and 153-34 of this article, the property tax credit granted under this section shall equal a percentage of the amount of County property tax imposed on the assessment of the new, improved, or expanded premises, as follows:
A. 
Fifty percent for each of the first five taxable years;
B. 
Twenty-five percent in taxable years six and seven;
C. 
Fifteen percent in taxable years eight through 10; and
D. 
Zero percent for each taxable year thereafter.