§ 18-200. Fixing of residential assessments in enterprise zones.

(a)

Assessments on all residential real property which is improved and which is located in an enterprise zone as designated by the city and approved by the commissioner of economic development, shall be fixed during the period when such area is designated as an enterprise zone. Such fixed assessment shall be for a period of seven (7) 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 

Year     increase deferred

First ..... 100

Second ..... 100

Third ..... 50

Fourth ..... 40

Fifth ..... 30

Sixth ..... 20

Seventh ..... 10

(b)

There shall be a benefit floor. Only projects meeting minimum expenditures or scope of work for that zoning or use designation shall receive the assessment benefit herein.

Single-family residential. Thirty-five thousand dollars ($35,000.00) spent or the complete retrofitting of the home and bringing all aspects up to code, whichever is less. Retrofitting and code improvements are defined in section 18-202(c).

Multifamily residential. Twenty thousand dollars ($20,000.00) per unit with all units being upgraded or the complete retrofitting of the apartments, improved or retrofitted, whichever is less.

(Ord. of 2-14-95; Ord. of 4-10-95)