The village 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) The improvements or renovations are of the scope and nature for which a building permit is required and has been obtained;
(B) 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 the parcel;
(C) The abatement shall be allowed only for commercial, industrial or manufacturing property located within the zone area;
(D) The abatement shall be at the rate of: 100% of the value of the improvements for the assessment year in which the improvements are made, and the three assessment years immediately following the year in which the improvements are made; and
(E) The 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 § 151.04 above of this enactment.
(1994 Code, § 10-1-6) (Ord. 87-9, passed 6-11-1987)