The owner of an eligible improvement may upon payment of the fee provided by subsection I of this section receive an abatement of real estate taxes levied by any taxing district which has approved an abatement of such taxes against eligible improvements subject to the following conditions:
A. The abatement shall apply only to the real estate taxes corresponding to an increase in equalized assessed valuation after an eligible improvement has been duly assessed. The abatement shall not exceed the amount of such taxes attributable solely to the eligible improvement.
B. The abatement shall apply only to eligible improvements commenced within the enterprise zone after designation of the enterprise zone by the participants and certification of the enterprise zone by DCEO after approval of the enterprise zone by the enterprise zone board created by the enterprise zone act.
C. The abatement for an eligible improvement shall be in effect only for a period of five (5) years commencing with the first year after the eligible improvement has been assessed.
D. While the abatement is in effect with respect to an eligible improvement, each underlying taxing district shall each year continue to receive all real estate taxes corresponding to the equalized assessed valuation of the parcel upon which the eligible improvement is located and all structures or parts of structures on the parcel other than the eligible improvement.
E. An abatement of real estate taxes shall not take effect after the expiration of the enterprise zone, but any abatement which commences prior to expiration of the enterprise zone shall continue for five (5) years even if the enterprise zone expires during that five (5) year period.
F. The abatement of real estate taxes authorized by underlying taxing districts shall also apply within territory lawfully added to the enterprise zone subsequent to its initial certification by DCEO and shall also apply during any lawfully authorized extension of the term of the enterprise zone.
G. The abatement of real estate taxes authorized by the taxing districts shall apply only to commercial and industrial facilities and shall not apply to single-family residences or to multiple-family residential facilities.
H. Anything in this chapter to the contrary notwithstanding, no real estate tax abatement shall be available to any eligible improvement located within the boundaries of any tax increment financing district designated by a participant.
I. No owner shall be eligible to receive the incentives available for an eligible improvement unless the owner first pays a fee to the participant having jurisdiction over the location of the eligible improvement in the amount of 0.5 percent of the cost of building materials incorporated into an eligible improvement with a maximum fee of fifty thousand dollars ($50,000.00).
J. The village acting through its village administrator shall have exclusive jurisdiction to determine whether or not an improvement within the Germantown Hills component of the enterprise zone constitutes an eligible improvement which will receive the incentives available under the terms of this chapter. Upon a determination by the village that improvements to real estate within the enterprise zone constitute an eligible improvement which will receive an abatement of real estate taxes to the extent approved by an underlying taxing district, the village administrator or his designee (which may in the discretion of the village administrator be the zone administrator) shall issue a certificate of eligibility to the owner of the eligible improvement. It shall be the responsibility of the owner to file the certificate of eligibility with the county clerk of the county in which the eligible improvement is located and to verify the application of the abatement. (Ord. 759, 2-25-2016)