This article shall be known as the "MU Mixed Use Development
Overlay LERTA District."
As used in this article, the following words and phrases shall
have the meanings set forth below:
DETERIORATED PROPERTY
Certain specifically identified industrial, commercial or
other business properties owned by an individual, association or corporation,
and located in a deteriorated area, as provided by resolution of the
City Council.
IMPROVEMENT(S)
A.
Repair, construction or reconstruction, including alterations
or 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 or constitutes
an improvement raising the assessed value of the property. Ordinary
upkeep and maintenance shall not be deemed an improvement.
B.
"Improvements" to deteriorated industrial, commercial and other
business property as referenced in this article as well as apartments,
condominiums, or other multiunit dwelling units (three or more units
in a single building) which are within the MU Mixed Use Development
Overlay District as defined in the City Zoning Code and within the
MU Mixed Use Development Overlay LERTA District.
A copy of the written request for exemption shall be forwarded
to the Chester County Assessment Office (the "Assessor") by the City
for notification purposes only. Upon completion of the improvement,
the taxpayer shall notify the City so that the City may have the Assessor
assess the improvements separately for the purpose of calculating
the amount of assessment eligible for tax exemption in accordance
with the limits established in this article. The Assessor shall notify
the taxpayer and the local taxing authorities of the reassessment
and amounts of the assessment eligible for exemption. Appeals from
the reassessment and the amount eligible for the exemption may be
taken by the taxpayer or by the City as provided by law.
Unless otherwise repealed by the City Council, this article
shall be applicable from the effective date hereof for a period of
10 years, expiring on December 31, 2028, unless extended by ordinance
duly adopted. Any applicant for tax abatement must have a building
permit to be eligible for tax abatement treatment hereunder, with
that permit having been issued on, or before, the 31st day of December
2028, and, in addition, the application for exemption must also be
filed with the City by that same date. All timely applications shall
be entitled to the ten-year exemption schedule as set forth herein.
Nothing contained herein shall act to prohibit the City from enacting
a similar article or ordinance, or amending the scope of this article.
The cost of new construction or improvements to be exempted and the
schedule of taxes exempted existing at the time of the initial request
for tax exemption shall be applicable to that exemption request, and
subsequent amendments to this article, if any, shall not apply to
requests initiated prior to their adoption.