(A) Purpose. The vacant property rehabilitation incentive is to help convert the city’s vacant, historic inventory stock into move-in ready commercial space for prospective businesses.
(B) Eligibility. A building owner shall be eligible for incentives under this section provided the building owner:
(1) Applies for an incentive under this division (B), is recommended by the Department of Economic Development and approved by the Board of Commission, and executes an agreement;
(2) Rehabilitates a building located within the city for use as leasable retail, office or commercial space, provided the building is:
(a) At least 50 years old; and
(b) Has been at least 51% vacant, as measured by gross floor space, for a period of 24 or more continuous months at the time the building owner submits an application for incentives under this section. For purposes of this requirement, area used for storage or residential shall be considered to be vacant.
(C) Nature of incentive.
(1) A building owner approved for an incentive under this section shall receive an annual reimbursement equal to 1.25% of taxable payroll paid by employers with respect to all employees:
(a) With a primary workstation in the building that is the subject of the agreement; and
(b) Provided the business was not located within the city prior to its locating in the building that is the subject of the agreement.
(2) A building owner approved for an incentive under this section shall receive an annual reimbursement equal to 0.625% of taxable payroll paid by employers with respect to all employees:
(a) With a primary workstation is the building that is the subject of the agreement;
(b) But not meeting the requirements of division (C)(1)(b) above.
(D) Duration. The incentive may continue for a total of up to five consecutive calendar years, provided the building owner continues to meet all requirements of this chapter and the agreement.
(E) Ineligibility. Any tenants of a property receiving a vacant property rehabilitation incentive will be ineligible to apply for any other incentives under this chapter until after the vacant property rehabilitation incentive has expired.
(F) If the property falls outside of the TIF District, a vacant property rehabilitation incentive may be used in conjunction with a property tax moratorium outlined in Ch. 45 of this code of ordinances.
(1984 Code, § 116.06) (Ord. O-13-20, passed 8-11-2020)