The owner of any real estate within a Community Reinvestment Area for which a real estate tax exemption has previously been granted for a time period of less than ten years may apply for a tax exemption for the difference between the time period previously granted and ten years upon the following conditions:
(a) The application is made in conjunction with an application for additional construction or remodeling upon the premises, the costs of which will exceed ten percent (10%) of the cost of the previous improvement or remodeling or the person or entity responsible for payment of the real estate taxes has changed because of a bona fide sale or lease; and
(b) The application is made within ten years of the previous application.
(Res. 415. Passed 12-27-93.)