The following words and phrases when used in this article shall
have the following meaning:
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.
VACANT, UNDERUTILIZED, AND PROPERTY IN NEED OF STRUCTURAL IMPROVEMENTS
An entire property or portion thereof of developable lands,
with or without improvements, that would otherwise qualify as substantially
developed land, but which contains land, buildings, and/or structures
that are currently underutilized and may potentially be developed,
recycled, or converted into industrial development.
The Board of Supervisors determines that the area shown on the
map attached as Exhibit A shall be the area, which contains and consists of a vacant,
underutilized, and in need of structural improvements property, which
is eligible for tax exemption under this article. Additional eligible
areas may be included from time to time by ordinance of the Board
of Supervisors.
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.