The following words and phrases when used in this article shall
have the following meaning:
DETERIORATED PROPERTY
Any industrial, commercial or other business property owned
by an individual, association, or corporation, and located in a deteriorating
area, as hereinafter provided, 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.
The Board of Commissioners determines that the areas shown on
the map attached as Exhibit A shall be added to the areas which contain and consist
of deteriorated properties and shall be eligible for tax exemption
under this article. Additional eligible areas may be included from
time to time by ordinance of the Board of Commissioners.
An application for exemption may be made at any time within
three years from the effective date of this article. All qualified
applications under this article are eligible for the entire ten-year
exemption schedule.
The Township may, by ordinance adopted from time to time, extend
the time for filing an application for exemption. However, in no event
shall any one extension period exceed three years.
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 Township Treasurer shall discontinue the LERTA exemption.
The provisions of this article are severable, and if any of
its sections, clauses, or sentences shall be held illegal, invalid,
or unconstitutional, such provisions shall not affect or impair any
of the remaining sections, clauses or sentences.