Upon the sale or use of the speculative shell building or a part thereof, the building shall qualify as new construction for the purpose of Iowa Code Chapter 427B entitling the building or a part thereof to the industrial tax exemption for five years if the use has been recommended for tax exemption by the “Quality Jobs 4A Strong Future Action Team” as meeting their program’s target criteria. If the use does not meet the program’s target criteria, it shall not qualify for the industrial tax exemption for the entire five years, but the building shall qualify for the industrial tax exemption for the number of years it had remaining on the speculative shell building exemption at the exemption rate set forth for those remaining years.
(Ord. 2290, passed 4-12-2005)