New construction for shell buildings by community development organizations, not for profit cooperative associations under Iowa Code Chapter 499 or for profit entities for speculative purposes or the portion of the value added to buildings being reconstructed or renovated by community development organizations, not for profit cooperative associations under Iowa Code Chapter 499 or for-profit entities in order to become speculative shell buildings may be exempt from taxation pursuant to Iowa Code § 427.1(27). The exemption shall be effective for the assessment year in which the building is first assessed for property taxation or the assessment year in which the reconstruction or renovation first adds value and all subsequent years until the property is leased or sold or until the exemption is terminated by ordinance of the City Council. Eligibility for an exemption as a speculative shell building shall be determined as of January 1 of the assessment year. However, an exemption shall not be granted a speculative shell building of a not for profit cooperative association under Iowa Code Chapter 499 if the building is used by the cooperative association, for other than as a speculative shell building. If the shell building or any portion of the shell building which is leased or sold, the portion of the shell building leased or sold shall not be entitled to an exemption under this section for subsequent years. An application shall be filed pursuant to Iowa Code § 427B.4 for each project for which an exemption is claimed.
(Ord. 2290, passed 4-12-2005)