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<br />,r"\ <br /> <br />ENTERPRISE ZONE <br /> <br />~ 7.5-9 <br /> <br />in the zone for designated qualification for benefits for the purpose of creating or <br />retaining jobs. Regulations shall be waived based upon city procedures and guidelines. <br /> <br />(5) Waiver of building permit fees. The city shall waive building permit fees for new and <br />expanding operations under the designated qualification for benefits within the zone. <br /> <br />(6) Partial exemption from taxation of substantially rehabilitated real estate, pursuant to <br />Virginia Code section 58.1-3221. The city shall refund to the owner, real estate taxes <br />paid for projects under the qualification for benefits for new investments for substan- <br />tial rehabilitation, renovation, or replacement. No minimum investment is required for <br />this incentive. The refund shall be calculated by the following percentages over the <br />increase in assessed value resulting from the rehabilitation, renovation, or replace- <br />ment: <br /> <br />100% for 1st tax year <br /> <br />50% for 2nd, 3rd, 4th, and 5th tax year <br /> <br />The structure must be no less than fifteen (15) years of age and any replacement <br />structure may exceed the total square footage of the replaced structure by no more <br />than one hundred ten (110) percent. <br />(Ord. No. 96-11, 11-12-96; Ord. No. 2000-1, 1-11-00) <br /> <br />l~\ <br /> <br />Sec. 7.5-7. Application. <br /> <br />Any business seeking to receive local enterprise zone incentives shall make application to <br />the enterprise zone administrator on forms provided by the administrator. The enterprise zone <br />administrator shall require the business to provide documentation establishing that it has met <br />the requirements for the receipt of local enterprise zone incentives. Failure to provide <br />requested documentation shall result in a denial of the application for local incentives. <br />(Ord. No. 96-11, 11-12-96) <br /> <br />Sec. 7.5-8. Administrator. <br /> <br />The enterprise zone administrator shall be the city manager or his designee. <br />(Ord. No. 96-11, 11-12-96) <br /> <br />Sec. 7.5-9. Term of chapter. <br /> <br />This chapter shall be in full force and in effect for a period of twenty (20) years from January <br />1, 1996, the date of approval of enterprise zone status, unless re-enacted or amended. <br />(Ord. No. 96-11, 11-12-96) <br /> <br />/~, <br /> <br />[The next page is 489] <br /> <br />Supp. No. 48 <br /> <br />467 <br />