(A) In the event a business purchases an existing facility instead of constructing a new facility in the county, the new business will be eligible for the county property tax credit only if improvements are made to the property and those improvements meet the minimum requirements of the county’s property tax credit program.
(B) The amount of the county property tax credit allowed will pass through to the commercial or industrial business that conducts the activity that qualifies for the credit. The term of the tax credit may not exceed the term of the lease and may not exceed five years.
(Res. 2008-9, passed 6-24-2008)