(A) Properties within Frederick city and:
(1) Located along West Patrick Street (Route 40) between Route 15 and Bowers Road, Baughmans Lane, and Hillcrest Drive; and
(2) Zoned B-3, B-1, and B-0 as of June 17, 2003 shall constitute the Golden Mile Tax Credit District; and the boundaries of the Golden Mile Tax Credit District are established and shown in yellow on the map on file with the county and attached to the ordinance set forth in this section as Exhibit A.
(B) Properties within the Golden Mile Tax Credit District which are rehabilitated shall be eligible for property tax credit against the county property taxes imposed, under the following conditions:
(1) Existing non-residential structures are repaired or altered to increase the usefulness and condition of the property; and
(2) Rehabilitation projects must have or provide pedestrian and vehicular connections to adjacent commercial properties approved by the City of Frederick Planning Department Director.
(C) The property tax credit will be determined based upon the lesser of:
(1) The increase in the assessed valuation of the property attributable to the rehabilitation project, over the assessed value before the property was rehabilitated; or
(2) The cost expended for the rehabilitation project.
(D) The property shall be eligible for tax credit for no longer than 7 years after the completion of the rehabilitation project.
(E) The amounts of the tax credit will be calculated based upon the schedules set forth below upon completion of the construction of the rehabilitation project:
(1) Projects that begin rehabilitation construction in calendar year 2003:
2003 Tax Credit Schedule
| |||
Years
|
Based on Cost of Rehabilitation Project/Change in Assessed Value
| ||
< $1.0 million | $1.0 to $4.0 million | > $4.0 million | |
2003 Tax Credit Schedule
| |||
Years
|
Based on Cost of Rehabilitation Project/Change in Assessed Value
| ||
< $1.0 million | $1.0 to $4.0 million | > $4.0 million | |
1 | 100% | 100% | 100% |
2 | 100% | 100% | 100% |
3 | 100% | 100% | 100% |
4 | 100% | 100% | 100% |
5 | 75% | 100% | 100% |
6 | 50% | 66% | 100% |
7 | 25% | 33% | 50% |
8 | 0% | 0% | 0% |
(2) Projects that begin rehabilitation construction in calendar year 2004 through December 31, 2010:
2004+ Tax Credit Schedule
| |||
Years
|
Based on Cost of Rehabilitation Project/Change in Assessed
| ||
< $1.0 million | $1.0 to $4.0 million | > $4.0 million | |
2004+ Tax Credit Schedule
| |||
Years
|
Based on Cost of Rehabilitation Project/Change in Assessed
| ||
< $1.0 million | $1.0 to $4.0 million | > $4.0 million | |
1 | 100% | 100% | 100% |
2 | 100% | 100% | 100% |
3 | 100% | 100% | 100% |
4 | 80% | 100% | 100% |
5 | 60% | 75% | 100% |
6 | 40% | 50% | 66% |
7 | 20% | 25% | 33% |
8 | 0% | 0% | 0% |
(3) Projects that begin rehabilitation construction after December 31, 2010 shall not be eligible for tax credits under this program.
(F) The property owner shall file each year an application for the tax credit allowed under this section.
(Ord. 03-10-333, 6-17-2003; Ord. 14-23-678, 11-13-2014)