A. Every person developing or constructing a new commercial or industrial building, or reconstructing or remodeling an existing commercial or industrial building, shall pay a tax to the City, as follows:
1. Prior to issuance of a building permit with a total building valuation, as determined by the Building Official, of less than Two Hundred Fifty Thousand Dollars ($250,000.00), a tax of Twenty-Five Dollars ($25.00).
2. Upon issuance of a building permit with a total building valuation, as determined by the Building Official, of Two Hundred Fifty Thousand Dollars ($250,000.00) or more, a tax at the rate of Twenty-Five Dollars ($25.00) for the first Two Hundred Fifty Thousand Dollars ($250,000.00) of building valuation, plus one and one-half percent (1.5%) of the portion of building valuation in excess of Two Hundred Fifty Thousand Dollars ($250,000.00).
B. For the purpose of determining the rate of tax pursuant to this Section, the Building Official shall aggregate the valuation of all building permits issued to the person for any commercial or industrial building on the site within the preceding twelve (12) months; provided that the valuation of any building permit issued prior to July 23, 1990 shall be excluded therefrom.
('65 Code, § 33J-3) (Ord. No. 90-004 § 1; Ord. No. 90-024 § 1)