Sec. 16-63. - Eligible property.

(a)

All legally permitted commercial and industrial facilities within the city which meet the qualifications established in this article are eligible to participate. No property under tax incremental financing (TIF) agreement shall be eligible for stabilization.

(b)

All legally permitted apartments, condominium complexes, and hotels which meet the qualifications established in this article are eligible to participate.

(c)

All new business tangible property which meets the qualifications established in this article is eligible to participate.

(d)

Any applicant business and/or property owner for tax stabilization pursuant to this article must be current on all tax, user fees and any other payments owed to the city as of the time of application and at the time the property tax stabilization is granted. Any property owner who applies for property tax credits on behalf of a business operating at the property owner's facilities shall be current on all tax, user fees and other payments owed to the city.

(e)

The granting of the exemption or stabilization will inure to the benefit of the city by reason of:

(1)

The willingness of the eligible property owner to locate in the city; or

(2)

The willingness of an eligible property owner to expand facilities with an increase in employment or to retain its facility in the city and not reduce substantially its work force in the city.

(f)

The granting of the exemption stabilization of taxes will inure to the benefit of the city by reason of the willingness of an eligible property owner to replace, reconstruct, expand, retain or remodel existing buildings, facilities, machinery, or equipment with modem buildings, facilities, fixtures, machinery, or equipment resulting in an increase or maintenance in plant, equipment, or commercial building investment by the property owner in the city.

(g)

Prior to authorizing any property tax stabilization for the property, the property owner shall be required to obtain a municipal lien certificate from the tax collector's office, indicating that the applicant business and/or property owner is current on all payments owed to the city. Any payments that are in arrears on the property shall render the applicant ineligible for the incentives offered through this article.

(h)

The property which is the subject of the application must conform to all city and state zoning laws, building and fire codes prior to the authorization of any property tax stabilization for the applicant. The zoning officer, the building official and fire marshal for the city shall be required to issue a written certification indicating that the property does so conform.

(i)

The minimum threshold for participation in this program by existing eligible properties is $150,000.00 in taxable improvements as determined by the city tax assessor. The minimum threshold for new eligible properties and tangible business equipment is $500,000.00. The assessed value of the proposed improvements or tangible business equipment shall be established by the city tax assessor prior to authorizing any tax stabilization pursuant to this article. Applicants for stabilization of tangible business equipment shall document the creation or relocation of no fewer than ten full-time equivalent jobs (FTE's). Such documentation shall be submitted to the department of planning for review and verification at the time of application. Failure to create or maintain such jobs within or for a 12-month period from the date of application for stabilization will result in the tax exemption granted pursuant to this stabilization program ceasing immediately. Notice of the failure to comply with this job creation requirement shall be sent to the property owner by registered mail.

(j)

In the event the applicant is delinquent on any quarterly tax or other payment due to the city on property receiving the exemption hereunder for a period of more than 45 days, or in the event that the subject property no longer complies with city and state zoning laws, building and fire codes, the tax exemption granted pursuant to this stabilization program shall cease immediately. Notice of the tax delinquency and/or failure to comply with city and state zoning laws, building and fire codes shall be sent to the property owner by registered mail after the tax delinquency and/or failure to comply with city and state zoning laws, building and fire codes occurs.

(Ch. 595, § I, 12-17-13)