The Town Council hereby grants and establishes, subject to the limitations of this chapter, an exemption from assessed valuation of property as herein provided:
(A) Qualified facility. A
QUALIFIED FACILITY shall mean a building or structure utilized or proposed to be utilized for office uses, (non-retail/commercial, such as financial/investment operation), industrial or manufacturing uses, and other similar businesses that create predominantly high-wage, skilled and professional jobs. Specifically excluded are businesses that create predominantly unskilled, and low-wage jobs, such as retail businesses.
(B) Any new construction of a qualified facility, or any expansion of an existing qualified facility which increases gross floor area by 50% or more of any expansion, renovation, retrofit or combination thereof of an existing qualified facility which results in an increased assessment of not less than 50%, shall be entitled to an exemption from assessed valuation as follows:
(1) Year 1: 100% of any increase in assessed value attributable to new construction, expansion, retrofit or renovation.
(2) Year 2: 80% of any increase in assessed value attributable to new construction, expansion, retrofit or renovation.
(3) Year 3: 60% of any increase in assessed value attributable to new construction, expansion, retrofit or renovation.
(4) Year 4: 40% of any increase in assessed value attributable to new construction, expansion, retrofit or renovation.
(5) Year 5: 20%of any increase in assessed value attributable to new construction, expansion, retrofit or renovation.
(6) Year 6: 0% of any increase in assessed value attributable to new construction, expansion, retrofit or renovation.
(C) Any project that qualifies for an exemption under this section as an expansion, renovation, or retrofit of an existing facility, rather than construction of a new facility, shall be eligible for an additional exemption of 3% from assessed valuation of any increase in assessed value attributable to the expansion, retrofit or renovation. Such additional exemption shall be applied in Years 2 - 6 on the above schedule of exemptions. For example, a qualified expansion, renovation, or retrofit of an existing facility would be eligible for an exemption of 83% in Year 2, 63% in Year 3 and so on with such exemption terminating following an exemption of 3% in Year 6.
(D) Facade improvements: Separate and apart from the other exemptions offered in this section, any commercial business, including qualified facilities as defined in § 39.03(A), as well as retail, hospitality, and restaurant businesses shall be eligible for a one-time exemption equal to 100% of the additional assessed value of the structure that results from the improvement of the external facade of the commercial building.
(Ord. passed 3-18-96; Am. Ord. passed 10-6-03; Am. Ord. 2019-1, passed 1-22-19)