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The following definitions shall apply unless the context clearly indicates or requires a different meaning:
"AGREEMENT." Any mutually agreed contract or commitment made pursuant to the requirements of this chapter between the city and nay individual, company, or entity with respect to an economic development project involving a vacant, dilapidated, or substantially unoccupied or underutilized building, or an economic development project concerning retention of an existing business located in property that has been annexed into the city limits.
"APPLICANT." Any commercial or industrial property owner(s) who rehabilitate, and/or make personal property investments for commercial or industrial use and create jobs in vacant, dilapidated, or substantially unoccupied or underutilized buildings and have an acceptable development plan that has been approved by applicable city staff, or a property owner(s) whose commercial or industrial property (either owned or leased) has been annexed into the City of Elsmere within the preceding 12 months.
"ELIGIBLE PROPERTY." Any commercial or industrial property that is vacant, dilapidated, substantially unoccupied or underutilized, or commercial or industrial property (either owned or leased) that has been annexed into the city within the preceding 12 months, and that meets any other applicable requirements or conditions set forth in this chapter.
(Ord. 1645-2012, passed 10-23-12)