(a) A business shall be deemed eligible which newly constructs a multi-family dwelling or rehabilitates and revitalizes an existing multi-family dwelling and which multifamily dwelling is located within the City of Parkersburg. There is specifically excepted from this program any existing single family dwelling that is later converted to a multifamily dwelling.
(b) The tax credit may only be taken when an otherwise qualifying business files the required business and occupation tax return on or before the required due date. If said return is not filed timely then the credit will be disallowed for the time period in which the return is delinquent.
(c) The maximum credit allowed shall not exceed the total cost of the capital investment made in the construction, rehabilitation, revitalization or modernization of the multi-family dwelling
(d) The qualifying business shall submit an application to the Finance Director of the City for preliminary approval prior to the completion of its construction, rehabilitation or revitalization project. Further said qualifying business shall provide such written documentation of the actual capital investment made and as may be needed and requested by the Finance Director for his or her approval prior to said business receiving any such permitted tax credit.
(e) The Finance Director shall have full authority and discretion to grant or deny an application made pursuant to the provisions of this section.
(f) The qualifying business will be permitted a tax credit up to one hundred percent (100%) of its business and occupation tax liability annually for a period of five (5) consecutive years from and after such capital improvement is completed, but in no event shall said credit exceed the total cost of its actual expended capital investment in said building.
(Ord. 0-1480. Passed 7-22-14.)
CODIFIED ORDINANCES OF PARKERSBURG