(A) There is hereby created a partial property tax exemption to any owner of a commercial facility in the downtown business district of Cadiz who elects to participate in the Main Street Revitalization Program for the purpose of making repairs, rehabilitation, restoration, or stabilization of any existing improvements.
(B) To qualify for the partial exemption, an owner of such commercial facility located in the area designated shall incur expenditures of a minimum sum of $2,000 within a 12-month period of construction or renovation. Upon application of the taxpayer seeking the partial tax exemption, the taxpayer shall have the obligation to furnish verification to the reviewing city official that such expenditures have been made as well as the cost of the improvements.
(C) The amount of the property tax exemption from the city property tax assessment shall be in the sum equal to the expenditures made but subject to the minimum stated, provided however, that the maximum exemption shall not exceed 50% of the total property tax assessment.
(D) Upon qualification for the exemption granted herein, such exemption shall be for the five tax years following the qualification. Application for the exemption shall be made with the City Clerk- Treasurer's Office not later than six months following the completion of the qualifying improvements.
(Ord. 743, passed 3-5-91)