If on any December 31, an individual who is a resident of a renaissance zone, a business located and conducting business within a renaissance zone or a person who owns property located in a renaissance zone is substantially delinquent or is the owner of residential rental property not in substantial compliance, such individual, business or person is not eligible for any tax exemption, deduction or credit otherwise permitted by the Michigan Renaissance Zone Act in the subsequent tax year.
(Ord. 8-01. Passed 6-19-01.)