For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ABATEMENT. The full or partial exemption from ad valorem taxes of certain real property in a reinvestment zone designated by the city for economic development purposes.
AGREEMENT. A contractual agreement between a property owner and/or lessee and the city.
BASE YEAR VALUE. The assessed value of eligible property January 1 preceding the execution of the agreement, plus the agreed upon value of eligible property improvements made after January 1, but before the execution of the agreement.
DEFERRED MAINTENANCE. Improvements necessary for continued operation which do not improve productivity or alter the process technology.
ELIGIBLE FACILITIES. New, expanded or modernized buildings and structures, including fixed machinery and equipment, which is reasonably likely as a result of granting abatement to contribute to the retention or expansion of primary employment or to attract major investment in the reinvestment zone that would be a benefit to the property and that would contribute to the economic development within the city, but does not include facilities which are intended primarily to provide goods or services to residents or existing businesses located in the city, such as, but not limited to, restaurants and retail sales establishments. ELIGIBLE FACILITIES may include, but shall not be limited to, manufacturing facilities, office buildings and hotels.
EXPANSION. The addition of buildings, structures, machinery, equipment or payroll for purposes of increasing production capacity.
FACILITY. Property improvements completed or in the process of construction which together comprise an integral whole.
HOTEL. A commercial structure which provides overnight accommodations to travelers and which contains 30 rooms or more.
MODERNIZATION. A complete or partial demolition of facilities and the complete or partial reconstruction or installation of a facility of similar or expanded production capacity. MODERNIZATION may result from the construction, alteration or installation of buildings, structures, machinery or equipment, or both.
NEW FACILITY. A property previously undeveloped which is placed into service by means other than or in conjunction with expansion or modernization.
OFFICE BUILDING. A new office building to be occupied at least 50% by one owner or one tenant.
PRODUCTIVE LIFE. The number of years a property improvement is expected to be in service in a facility.
(2012 Code, § 80-38) (Ord. 071602, passed - -2007)