7.04 AMOUNTS ELIGIBLE FOR EXEMPTION.

The amount of actual value added which is eligible to be exempt from taxation shall be as follows:

(Code of Iowa, Sec. 427B.3)

1.   For the first year, seventy-five percent (75%)

2.   For the second year, sixty percent (60%)

3.   For the third year, forty-five percent (45%)

4.   For the fourth year, thirty percent (30%)

5.   For the fifth year, fifteen percent (15%)

7.05 LIMITATIONS.

The granting of the exemption under this chapter for new construction constituting complete replacement of an existing building or structure shall not result in the assessed value of the industrial real estate being reduced below the assessed value of the industrial real estate before the start of the new construction added.

(Code of Iowa, Sec. 427B.3)

7.06 APPLICATIONS.

An application shall be filed for each project resulting in actual value added for which an exemption is claimed.

(Code of Iowa, Sec. 427B.4)

1.   The application for exemption shall be filed by the owner of the property with the local assessor by February 1 of the assessment year in which the value added is first assessed for taxation.

2.   Applications for exemption shall be made on forms prescribed by the Director of Revenue and shall contain information pertaining to the nature of the improvement, its cost, and other information deemed necessary by the Director of Revenue.

7.07 APPROVAL.

A person may submit a proposal to the City Council to receive prior approval for eligibility for a tax exemption on new construction. If the City Council resolves to consider such proposal, it shall publish notice and hold a public hearing thereon. Thereafter, at least thirty (30) days after such hearing the City Council, by ordinance, may give its prior approval of a tax exemption for new construction if the new construction is in conformance with City zoning. Such prior approval shall not entitle the owner to exemption from taxation until the new construction has been completed and found to be qualified real estate.

(Code of Iowa, Sec. 427B.4)

7.08 EXEMPTION REPEALED.

When in the opinion of the City Council continuation of the exemption granted by this chapter ceases to be of benefit to the City, the City Council may repeal this chapter, but all existing exemptions shall continue until their expiration.

(Code of Iowa, Sec. 427B.5)

7.09 DUAL EXEMPTIONS PROHIBITED.

A property tax exemption under this chapter shall not be granted if the property for which the exemption is claimed has received any other property tax exemption authorized by law.

(Code of Iowa, Sec. 427B.6)

EDITOR’S NOTE
The following ordinances have been adopted granting prior approval.
ORDINANCE NO.	ADOPTED	APPLICANT
980	1987	Ray’s Cabinet Shop
981	1987	Mrs. Clark’s Foods
982	1987	Perishable Distributors of Iowa, Ltd.
983	1987	Younkers, Inc.
1087	1990	Denny Elwell Investment Company
1116	1991	Denny Elwell Investment Company
1222	1995	Circuit City Stores, Incorporated
1285	1997	Denny L. Elwell
1293	1998	Denny L. Elwell
1296	1998	Denny Elwell Companies
1328	1999	Mrs. Clark’s Foods
1329	1999	L & L Insulation and Supply Co.
1521	2005	Denny Elwell Family LC
1522	2005	Casey’s Retail Company
1530	2005	Denny Elwell Family LC
1553	2006	Embria Health Sciences, LLC
1567	2007	Halyard Clarke LLC