§ 120.06 ABATEMENT OF AD VALOREM TAXES, AND EXCEPTIONS.
   The city 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:
   (A)   Any abatement of taxes on any parcel shall not exceed the amount attributable to the construction of the improvements and the renovation or rehabilitation of existing improvements on such parcel;
   (B)   Such abatement shall be allowed only for commercial, industrial, manufacturing, or residential property located within the zone area; and the abatement is allowed only for improvements, the nature and scope of which building permits are required and have been obtained;
   (C)   Such abatement shall be at the rate of: 100% of the value of new construction or improvements, for the assessment year in which the improvements are made, and the four assessment years immediately following the year in which the improvements are made;
   (D)   Such abatement shall continue and be in full force as set forth in this section for any improvements which are completed within the term of the enterprise zone as specified in § 120.02 of this chapter;
   (E)   As stipulated in the Illinois Enterprise Zone Act, at ILCS Ch. 20, Act 655, § 5.4.1(c), property that is located in both the enterprise zone area and in any redevelopment project area, as defined in the Illinois Tax Increment Allocation Redevelopment Act, shall not be eligible for any abatement of ad valorem taxes under § 18-170 of the Illinois Property Tax Code for new improvements or the renovation or rehabilitation of existing improvements.
   (F)   For commercial rehabilitation or renovation of buildings having a minimum of four floors above ground level, and consisting of a minimum 30,000 square feet on all levels, excluding the basement, on January 1, 2005, and including any new additions thereto, located wholly within the Kewanee Central Business District, as defined in § 155.121(B)(4)(b); such abatement may be:
      (1)   At the rate established in division (C); or
      (2)   At the rate of 100% of the value of new construction or improvements undertaken in the renovation and rehabilitation of the same, for the assessment year in which the improvements are made, and the nine assessment years immediately following the year in which the improvements are made.
(Ord. 2651, passed 12-14-87; Am. Ord. 2879, passed 2-14-94; Am. Ord. 3291, passed 2-13-01; Am. Ord. 3462, passed 2-14-05)