Sec. 16-64. - Stabilization schedule.

(a)

(1)

For expansion or renovation of any existing facility, construction of a new facility, the addition of tangible business property, or leasehold improvements, excepting instances where the proposed taxable improvements are in excess of $5,000,000.00, the percentage of new added taxable assessment shall be stabilized is in accordance with the following tax exemption schedule:

Year Percent Exempt

From Tax

1 100

2 80

3 60

4 40

5 20

6 0

In year six and thereafter, the new value will be taxed at the normal rate for the city.

(2)

For expansion or renovation of any existing facility, construction of a new facility, addition of tangible business property, or construction of leasehold improvements whose taxable value is in excess of $5,000,000.00, the requirements as prescribed under section 16-66 of this article may apply. The applicant may elect, however, to proceed with the five-year administrative stabilization program.

(b)

The exemption provided for herein will not relate to the value of land, but to the value of related improvements and tangible business property only. Tax assessment and collection practices and procedures will be the same as for any other property, including revaluation and improvements unrelated to stabilization, except for the application of the tax stabilization provided for herein.

(c)

Leasehold improvements will be classified as tangible business property in order to qualify for the exemption provided for herein, provided they are physically attached to the building.

(d)

All exemptions granted pursuant to this tax stabilization program may be transferred in the event the property is sold during the term of the stabilization program.

(Ch. 595, § I, 12-17-13)