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§ 159.04 SALES TAX EXEMPTION.
   Each retailer whose place of business is within the corporate limits of the city and who makes a sale of building materials to be incorporated into real estate located in the Zone Area by remodeling, rehabilitation or new construction, may file claims for credit or refund to recover the amount of tax paid under the Municipal Retailers’ Occupation Tax Act, being 65 ILCS 5/8-11-1 et seq.; provided, however, that, such remodeling, rehabilitation or new construction is of the nature and scope for which a building permit is required and has been obtained. The incentive provided by this section shall commence the first day of the calendar month following the month in which the Enterprise Zone is designated and certified, and shall continue for the term of the Enterprise Zone.
(1960 Code, § 11-1-4)
§ 159.05 PROPERTY TAX EXEMPTION.
   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)
§ 159.06 ZONE ADMINISTRATOR.
   (A)   Each Zone Administrator designated under § 8 of this Act shall post a copy of the boundaries of the Enterprise Zone on its official Internet website and shall provide an electronic copy to the Department. The Department shall post each copy of the boundaries of an Enterprise Zone that it receives from a Zone Administrator on its official Internet website.
   (B)   The Zone Administrator shall collect and aggregate the following information:
      (1)   The estimated cost of each building project, broken down into labor and materials; and
      (2)   Within 60 days after the end of the project, the estimated cost of each building project, broken down into labor and materials.
   (C)   By April 1 of each year, each Zone Administrator shall file a copy of its fee schedule with the Department, and the Department shall post the fee schedule on its website. Zone Administrators shall charge no more than 0.5% of the cost of building materials of the project associated with the specific Enterprise Zone, with a maximum fee of no more than $50,000.
(1960 Code, § 11-1-7) (Ord. 4135, passed 12-31-1984)
§ 159.07 FEE SCHEDULE.
   The fee schedule shall be no more than 0.5% of the estimated cost of building material of the project, associated with the expansion of the Enterprise Zone for a specific project, with a maximum fee of no more than $50,000.