As used in this article, the following terms shall have the
meanings indicated:
DETERIORATED PROPERTY
Any industrial, commercial or other business property owned
by an individual, association or corporation and located in the LERTA
area, including, without limitation, 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 and including new construction, having the effect of
rehabilitating a deteriorated property and one of the following: a)
it attains higher standards of safety, health, economic use or amenity;
or b) it is brought into compliance with laws, ordinances or regulations
governing such standards. In connection with any property used in
part for an industrial, commercial or other business use and in part
for a residential use, only the portion of the improvement of the
industrial, commercial or other business use portion of the property
shall be eligible for the benefits of this article.
This article relates to all deteriorated property in the LERTA
area, defined above.
This article shall become effective immediately as prescribed
by law.
No amendments to this article shall be effective unless consented
to by ordinance or resolution of each local taxing authority which
has consented to be bound by the terms of this article.
[Amended 8-17-2020 by Ord. No. 594]
This article shall automatically terminate on October 31, 2025;
provided, however, that any taxpayer who has received or applied for
the exemption granted by this article prior to the expiration date
herein provided shall, if said exemption is granted, be entitled to
the full exemption authorized herein.