The city authorizes and directs the County Clerk to abate ad valorem taxes imposed upon real property, located within the Enterprise Zone Area, upon which new improvements have been constructed or upon which existing improvements have been renovated or rehabilitated, subject to the following conditions.
(A) Any abatement of taxes on any parcel shall not exceed the amount attributable to the construction of the improvements and the renovation or rehabilitation of existing improvements on such parcel.
(B) Such abatement shall be allowed only for commercial and industrial property which are not used for residential purposes located within the Zone Area.
(C) Such abatement shall be at the rate of: 50% of the value of the improvements, for the assessment year in which the improvements are made, and the four assessment years immediately following the year in which the improvements are made.
(D) Such abatement shall continue and be in full force as set forth in this section for any improvements which are completed within the term of the Enterprise Zone as specified in § 159.02 of this chapter.
(1960 Code, § 11-1-5) (Ord. 5013, passed 11-16-1992)