(A)   Upon designation by the city and the State Department of Economic and Community Development, or if appropriate, the U.S. Department of Housing and Urban Development, of an urban enterprise zone, this section hereby provides for the fixing of assessments on all real, and for commercial and industrial properties, personal property located within the zone which is improved during the period such area is designated an enterprise zone. Such fixed assessments shall be for a period of seven years from the time of such improvement and shall defer any increase in assessment attributable to such improvements according to the following schedule:
Percentage of Increase Deferred
   (B)   For the purpose of this chapter, PROPERTY IMPROVEMENT shall be defined as physical expansion, or renovation, or the purchase or placement of taxable personal property, or any combination of both, which, in the aggregate, represents a sum equal to or greater than 50% of the total assessed value of the real property prior to such improvement. The city does, however reserve the right to waive or decrease the 50% criteria, upon the recommendation of the Chief Executive Officer of the Waterbury Development Corporation, and with the approval of the Board of Aldermen of the city.
   (C)   Any fixed assessment on any residential property shall cease if:
      (1)   For any residential rental property, any dwelling unit in such property is rented to any person whose income exceeds 200% of the median family income of the city.
      (2)   For any conversion condominium declared after the designation of the enterprise zone, any unit is sold to any person whose income exceeds 200% of the median family income of the city.
   (D)   In the event of a general revaluation of the city in the year in which such improvement is completed, resulting in any increase in the assessment on such property, only that portion of the increase resulting from such improvement shall be deferred. In the event of a general revaluation in any year after the year in which such improvement is completed, such deferred assessment shall be increased or decreased in proportion to the increase or decrease in the total assessment on such property as a result of such revaluation.
   (E)   Failure of a residential property owner to maintain the property in accordance with the Housing Code, Chapter 154, shall also constitute reason to cease deferral of assessment under this section. Additionally, any residential rehabilitation will be required to address and eliminate any known violations existing at or on the entire property of which such rehabilitation is a part, if any, of the health, fire and codes of the city, as verified through on-site inspections, in order to qualify for any assessment deferrals contained herein.
   (F)   No improvements of any real property which qualifies as a manufacturing facility under Conn. Gen Stat. § 32-9p(d) shall be eligible for any fixed assessment pursuant to this section.
(1967 Code, § 21-25)  (Ord. passed 1-10-1989; Ord. passed 6-9-2008)