82-122 DESIGNATING ENTERPRISE ZONE AND PROVIDING FOR CERTAIN TAX INCENTIVES AND REIMBURSEMENTS THEREIN

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, Y , � � , y � • � ` r , � Section 5 . That commencing with the first calendar year ; next following the calendar year in which the zone is certified, � and continuing for ten calendar years , taxes on real property levied by the City shall be abated on property located wi.thin the zone and upon which new improvements have been constructed subsequent to such certification or upon which existing improve- ments have been renovated or rehabilitated subsequent to such certification, provided that any abatement of taxes on any parcel shall not exceed the amount attributable to the constr_uction of the improvements or the renovation or rehabilitation of existing improvements on such parcel. Section 6 . After the expiration of said ten years of abatenent , suc�i abatement shall continue for the term of the zone unless the Council shall otherwise ordain as to any or all calendar years thereafter. Section 7 . That conmencing the first day of the calendar month next following the month in which said zone is certified and continuing for three calendar years each retailer whose place of business is within the corporate linits of the City is authorized to claim credit or refund of the Municipal Retailer 's Occupation Tax of the City based upon the sale of building materials to be incorporated into real estate within the zone by remodeling, rehabilitation or new construction. Section 8 . That upon the expiration of said three calendar year period, and annually thereafter for the term of the zone, the Council shall review the necessity, desirability and fiscal impact of such credits or rebates and may by ordinance continue or discontinue the same whichever appears to be in the better interest of the general health, safety and welfare of the City. Section 9 . No taxes upon real estate shall be abated, or shall any credit or refund of Municipal Retailer' s Occupation Tax be made, unless the improvement , reconstruction or rehabili- tation to which the same relates is of the nature and scope for cahich a building permit is required by the Building Code and said required permit has been obtained. Section 10. That the City Manager be, and he is hereby, authorized and directed to cause application to be made to the State of Illinois pursuant to said Act containing that which is required thereby and that which is permitted thereby to the extent deemed by him to be conducive to the carrying out of the intent and purpose of the Act and of this ordinance, and to cause to be promulgated such programs , directives , rules and regulations , to nake such recommendations , and to furnish such information not inconsistent therewith as to secure certification of said zone and to administer the same and the