(A) The village authorizes and directs the County Clerk to abate ad valorem taxes imposed upon real property, located within the Enterprise Zone area, upon which new improvements have been constructed or upon which existing improvements have been renovated or rehabilitated, subject to the following conditions.
(B) Abatement for commercial property shall be at a rate of 100% of the value of the improvements for the first three years following the assessment year in which each improvement is completed. However, commercial property may qualify for an additional three-year real estate tax abatement of 100% for the fourth year, 66% for the fifth year and 33% for the sixth year followed by a full property tax bill in the seventh and successive years, if the commercial property satisfies the cost benefit standards for extended real estate tax abatement established by the City-County Enterprise Zone Committee, which is created in § 899.07, after considering various factors, including, but not limited to, the amount of increase in assessed valuation of the commercial parcel, and these standards are to reflect the benefits to the community resulting from the construction or expansion of the commercial parcel.
(C) This section is expressly adopted pursuant to the Home Rule Powers of the City of Freeport under § 6 of Article VII of the Illinois Constitution of 1970.
(Ord. passed 2-28-2002)