As defined in LERTA § 3,72 P.S. § 4724 (Definitions)
with respect to Subsections B and D below, as used in LERTA § 4,
72 P.S. § 4725 (Deteriorated area) with respect to Subsection
A below, as used in LERTA § 5, 72 P.S. § 4726
(Exemption schedule) with respect to Subsection C below, and as used
in LERTA § 6, 72 P.S. § 4727 (Procedure for obtaining
exemption) with respect to Subsections C, E and F below, and as used
in this article, the following words and phrases shall have the meaning
set forth below:
A. "Deteriorated area." The Wilson Borough 315 South 24th Street &
Washington Boulevard LERTA District, whose boundaries were affixed
by the Council of the Borough on April 25, 2022, by adoption of the
Wilson Borough 315 South 24th Street & Washington Boulevard LERTA
Resolution.
B. "Deteriorated property." Any industrial, commercial or other business
property owned by an individual, association, or corporation, and
located in a deteriorated area, 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, ordinance, or regulations.
C. "Exemption." The amounts calculated for real estate tax exemption in accordance with the exemption schedule in §
157-92 of this article and for which an exemption has been requested in §
157-93 of this article.
D. "Improvement." The 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.
E. "Completion of improvement." The date when 85% of the deteriorated
property in a deteriorated area has been improved as evidenced by
certificates of occupancy from the Borough for no less than 85% of
the gross floor area of the deteriorated property's building,
or an earlier date at the option of the owner of the deteriorated
property who shall notify the Borough Manager in writing of the earlier
date, but not later than four years from the date when the deteriorated
property has been acquired by the owner of the deteriorated property.
F. "Separate assessment." The total assessment for the Improvement,
including the amount which the Northampton County Assessment Office
("the County Assessment Office") shall, after completion of improvement,
assess separately for the improvement, the amount of any change in
assessed valuation of the improvement and the amount of any countywide revision of reassessment attributable to the improvement.
G. "Base assessment." The total assessment for all real estate in a
deteriorated area reduced by the amount of the separate assessment.