(a) The minimum cost of remodeling on new construction and period of abatement are as follows:
(1) Existing one or two family dwellings:
A. Minimum of $2,500.00 to less than $5,000.00: 5 years
B. $5,000.00 to less than $10,000.00: 7 years
C. $10,000.00 or more: 10 years
(2) Existing dwellings of more than 2 units:
A. Minimum of $5,000.00 to less than $7,500.00: 5 years
B. $7,500.00 to less than $12,500.00: 8 years
C. $12,500.00 or more: 12 years
(3) Existing commercial or industrial buildings:
A. Minimum of $5,000.00 to less than $10,000.00: 5 years
B. $10,000.00 to less than $20,000.00: 8 years
C. $20,000.00 or more: 12 years
(4) New commercial and industrial:
A. Commercial - must create at least 2 new full-time jobs and maintain at least 2 full-time jobs for the period of exemption: 15 years
B. Industrial - must create at least 5 new full-time jobs and maintain at least five full-time jobs for the period of exemption: 15 years
(Ord. 1988-44. Passed 6-20-88.)
(b) The terms "commercial" and "industrial" as used in subsection (a)(4)A. and B. shall not be construed so as to include apartments, apartment housing or any multiple dwelling unit which is rented other than on a daily basis.
(Ord. 1989-23. Passed 3-20-89.)