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To amend ch. 26, art. V of the City Code by adding therein a new div. 10 (?? 26-590-26-599) for the purpose of providing for the partial exemption of certain rehabilitated commercial or industrial structures from real estate taxation. (As Amended)
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That Chapter 26, Article V of the Code of the City of Richmond (2015) be and is hereby amended and reordained by adding therein a new division numbered 10, consisting of sections numbered 26-590 through 26-599, as follows:
DIVISION 10
PARTIAL EXEMPTION OF CERTAIN REHABILITATED COMMERICAL OR INDUSTRIAL STRUCTURES FROM REAL ESTATE TAXATION
Sec. 26-590. Definitions.
The following words, terms and phrases, when used in this division, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:
Addition means an increase in the square footage of a qualified structure that expands the utility of such structure.
Base value means the assessed value of real estate for which an application has been filed in accordance with this division, as set forth in the land book on January 1 of the tax year in which such application is filed.
Commercial or industrial real estate means land containing a structure or other improvement constructed or used for nonresidential purposes in accordance with this Code and other applicable law or a mixed-use development.
Enterprise zone means a Council-designated enterprise zone established pursuant to the Enterprise Zone Act, Code of Virginia, ? 59.1-279 et seq.
Linear feet means the shortest distance from one point to another, measured horizontally in feet, where one foot is equal to 12 inches.
Mixed-use development means a structure or other improvement constructed for both residential and commercial uses where at least ten percent of the total square footage of such structure or other improvement is comprised of commercial space.
Qual...
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