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To amend City Code ? 26-610, concerning the evaluation and expiration of the partial exemption of certain rehabilitated commercial or industrial structures from real estate taxation, for the purpose of extending the expiration date from June 30, 2026, to June 30, 2027.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That section 26-610 of the Code of the City of Richmond (2020) be and is hereby amended as follows:
Sec. 26-610. Evaluation of exemption program; expiration of division.
(a) The partial exemption program herein created shall be reevaluated, beginning on January 1, 2021, and every five years thereafter, by the Chief Administrative Officer, and the Chief Administrative Officer shall make a recommendation to the City Council as to whether or not the partial exemption program established by this division should continue in effect. The Chief Administrative Officer shall present the program evaluation results and recommendations to the City Council concerning the continuation or termination of the program on February 15 of every fifth year, beginning with February 15, 2021, that the program established by this division is in effect.
(b) The evaluation criteria shall include, but not necessarily be limited to:
(1) The number of applications submitted;
(2) The number of applications meeting the requirements of this division;
(3) The number, type, and description of properties qualifying for partial tax exemption under this division;
(4) The total dollar amount of the resulting assessment credit approved;
(5) The revenue impact on the City both with and without the existence of the program; and
(6) Any other quantifiable data that can be used to measure the overall effect of the program.
(c) This division shall expire on June 30, [2026] 2027, unless the Council adopts an ordinance extending this expiration date.
? 2. This ordinance shall be in force and effect upon adoption.
City of Richmond
Intracity Correspondence
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