If during any tax year, the property within the Local Enterprise Zone with respect to which a credit has been allowed is disposed of or ceases to be used as a business of the taxpayer, or if the taxpayer ceases operation of such business at said location, or if the taxpayer employs fewer than the requisite number of employees than is necessary under this article, then the credit shall be forfeited for the tax year in which such event occurs and all ensuing years. Work stoppages and lay offs approved by the City and caused by force majeure or severe economic depressions which last less than three months will not affect the taxpayer’s credit; however, systematic layoffs by any taxpayer that for all essential purposes resulting in employees below the requisite number, as determined by the City, will result in forfeiture of the credit as aforesaid.
(Ord. 1075. Passed 12-22-98.)