12-17,124.   Same; application of real property ownersfor tax benefits; approval or denial, criteria.(a) The owner of real property located within a downtownredevelopment area may submit a written application to the governing body ofthe city or of the unincorporated area of the county in which the redevelopmentarea is located to request downtownredevelopment area tax benefits. The application for tax benefits shall be madeon a form approved by the governing body of the city or of the unincorporatedarea of the county or such governing body's designee, and shallbe accompanied by copies of dated records that verify the applicant'sinvestment in improvements to the real property or trade fixtures locatedtherein.

      (b)   After a review of the application for redevelopment tax benefits andafter an examination of the facts alleged, the governing body of the city or ofthe unincorporated area of the county inwhich the downtown redevelopment area is located shall either approve or denythe application for redevelopment tax benefits based upon the followingcriteria:

      (1)   The applicant has made, within a twelve-month period, an investment inimprovements to the real property or trade fixtures located therein, the valueof which is equivalent to or exceeds 25% of the appraised value of theproperty, as determined by the county appraiser, for the immediately precedingtax year; and

      (2)   the real property that is the subject of the application is in fullcompliance with city ordinances or county resolutions.

      History:   L. 2004, ch. 112, § 84; July 1.