All exemptions available hereunder shall be based upon the aggregate cost of each improvement as follows:
(a) The assessed valuation of qualified improvements to an applicable property shall be exempt of real property taxation in accordance with the following schedule and for the following period of years commencing with the first year which the qualified improvements are assessed for a full calendar year, to-wit:
(1) Commercial LERTA
Abatement Period: 10 years
Assessment Increment Abated: Year 1 & 2: 100%
Year 3 & 4: 80%
Year 5 & 6: 60%
Year 7 & 8: 40%
Year 9 & 10: 20%
(2) Residential LERTA
Abatement Period: 5 years
Assessment Increment Abated: Year 1: 100%
Year 2: 80%
Year 3: 60%
Year 4: 40%
Year 5: 20%
(b) The City of Johnstown reserves the right to amend this chapter or any portion thereof from time to time as it shall deem advisable as in the best interest of the advancement of the purposes and intent of this chapter and the effective administration thereof.
(c) The exemption from taxes granted under this chapter shall be upon the property and shall not terminate upon the sale or exchange of the property.
(d) This chapter shall become effective immediately upon approval, and unless otherwise repealed by subsequent legislation, this chapter shall remain in effect for a period of eight years from the date of approval. However, as hereinbefore stated, the City of Johnstown reserves the right to amend this chapter or repeal this chapter at any time. However, any property tax exemptions granted hereunder shall be permitted to continue according to the exemption schedule as set forth in this section.
(Ord. 5267. Passed 3-13-19; Ord. 5273. Passed 8-14-19.)