NEW MANUFACTURING EQUIPMENT. Any tangible personal property which:
(1) Was installed during the period beginning March 1, 1983, and ending December 31, 1995, in an area that is declared an economic revitalization area after February 29, 1983, in which a deduction for tangible personal property is allowed;
(2) Is used in the direct production, manufacture, fabrication, assembly, extraction, mining, processing, refining, or finishing of other tangible personal property; and
(3) Was acquired by its owner for use as described in division (2) above, and was never before used by its owner for any purpose in the state.
(4) Pursuant to §§ 102.10 through 102.12, the equipment and/or property listed on the application is provided for purposes of making a decision for designation of the area as an economic revitalization area and in no way is the applicant limited to such equipment and/or property in making application for a declaration from assessed valuation.
(5) The owner of property and/or equipment may file an application for deduction from assessed valuation for the period which the Common Council designated the property as an economic revitalization area.
(6) This section is in full force and effect relative to all economic revitalization area designations made prior to the passage of this section.
(Ord. 2422, passed 6-6-83; Am. Ord. 2593, passed 6-6-83; Am. Ord. 3009, passed 12-2-91; Am. Ord. 3209, passed 1-24-94)