(A) Neither a reinvestment zone nor abatement agreement shall be authorized if it is determined that:
(1) There would be a substantial adverse affect on the provision of government service or tax base;
(2) The applicant has insufficient financial capacity;
(3) Planned or potential use of the property would constitute a hazard to public safety, health or morals;
(4) Violation of other codes or laws; or
(5) Any other reason deemed appropriate by the City Council.
(B) From the execution of the abatement to the end of the abatement period, taxes shall be payable as follows:
(1) The value of ineligible property as provided in § 36.21(E) of this chapter shall be fully taxable;
(2) The base year value of existing eligible property as determined each year shall be fully taxable;
(3) The additional value of new eligible property shall be taxed in the manner, at the percentage and for the term of the abatement agreement; and
(4) The additional value of new eligible property shall be fully taxable at the end of the abatement period.
(2012 Code, § 80-38) (Ord. 071602, passed - -2007)