From and after the effective date of this chapter and to the extent permissible by law, any taxable property situated within the District which may be eligible for tax abatement under the Local Economic Revitalization Tax Act (LERTA), to the extent that such properties shall be required to pay tax increment revenues, shall be required to thereafter not be entitled to receive the benefit of such LERTA abatements. The appropriate officers of the City are hereby directed to notify any such property owners of the termination of LERTA tax abatements.
(Ord. 4581. Passed 6-12-91.)