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(a) A Moratorium period of "X" years means that consecutive passage of time commencing upon the date when real property first qualifies for the provisions of this section and ending at midnight (12:00 p.m.) of that same month and day "X" years thereafter.
(b) Gross income derived from construction contracting upon real property not owned by a governmental entity shall be exempt from the taxes imposed by sections 19-415 through 19-418 for a moratorium period of three (3) years from the date upon which such real property shall have been annexed to and become a part of the city provided the real property is annexed prior to July 2, 2001. Gross income derived from construction contracting upon real property annexed into the city pursuant to an annexation agreement with the city prior to October 24, 1988, shall be exempt from the taxes imposed by sections 19-415 through 19-418 for a moratorium period of seven (7) years from the date upon which such real property shall have been annexed to and become a part of the city.
(c) Gross income derived from the following activities shall be exempt from the taxes imposed by this article for a moratorium period of twenty (20) years, when such activities occur upon real property which, pursuant to state law, possesses appurtenant water rights which are based upon a history of agricultural irrigation, and such rights have been contractually or otherwise irrevocably committed to be surrendered, assigned or transferred to the city prior to the expiration of the moratorium period.
(2) Rental, leasing or licensing for use of real property for any purpose other than for lodging or lodging space as provided by section 19-445.
(d) The provisions of this section shall be irrevocably vested in any real property that qualifies under this section after the adoption of this section as part of the City Code, or upon the adoption of any substantially similar ordinance previously adopted, whichever occurs earlier.
(Ord. No. 6674, § 3, 3-23-87; Ord. No. 7082, § 1, 12-12-88; Ord. No. 9579, § 1, 7-2-01)