Upon receipt of an application for an exemption from real property taxation, the Housing Officer shall review the application. The Mayor is hereby authorized to enter into agreements with applicants for exemptions from real property taxation available pursuant to this chapter, to establish the terms under which the application will be forwarded to the County Auditor and the terms under which the tax exemption applied for will be granted, including, but not limited to, the percentage of the improvement to be exempted from real property taxation and whether any payments in lieu of taxes are to be required, provided, however, that Council shall have approved any such agreement, and provided, further, that no such agreement shall permit any exemption period other than as described in Section 290.03, nor shall any such agreement allow for the exemption of any improvement not described in Section 290.03.
(Ord. 51-96. Passed 7-2-96.)