The property of the City, acquired or held for the purposes of carrying out an urban renewal project, is hereby declared to be property used exclusively for essential public and governmental purposes, and the City shall take the steps necessary to cause such property to be exempt from all taxes of the City, County, State or any other taxing authority. Such tax exempt use and purpose shall terminate when the City sells, leases or otherwise disposes of such property in an urban renewal project area for private redevelopment. City Council may determine to utilize one or more property tax abatement and/or tax increment financing programs in connection with such private redevelopment. (Ord. 2002-36. Passed 4-8-02.)