Chapter 75 FINANCE AND TAXATION.

75-55    ENTERPRISE ZONE - LOCAL ENTERPRISE ZONE INCENTIVES

A. Rebate Credit of business and occupational license fees.  Qualified business firms shall be entitled to a credit of business and occupational license fees for a five-year period while the business firm is located within the Front Royal Enterprise Zone, upon application showing compliance with the qualifying requirements.  During the first year following application approval, the business firm shall be entitled to an eighty-percent credit of its business and occupational license fees.  During the second year, the business firm shall be entitled to a sixty-percent credit.  During the third year, the business firm shall be entitled to a forty-percent credit.  During the fourth year, the business firm shall be entitled to a twenty-percent credit, and, during the fifth year, the business firm shall be entitled to a twenty-percent credit.

(Ord. No. 7-98 Amended 6-8-98-Effective Upon Passage)

B.  Water and sewer tap fee incentives.  Qualified business firms located within the Enterprise Zone shall be entitled to a waiver of fifty percent (50%) of all municipal water and sewer tap fees applied for during the first five (5) years that the business firm is located within the Enterprise Zone.

C.  Water and sewer line extension benefits.  Qualified business firms located within the Enterprise Zone shall be entitled without assessment or cost to water and sewer line extensions to the property line of the business firm during the entire time that said business firm is located within the Enterprise Zone, so long as the Enterprise Zone remains in effect. The property line shall refer only to a lot or parcel recorded in the land records on or before October 1, 1993. The town shall retain discretion as to the location of all water and sewer line extensions, and the number and size of all line extensions provided hereby.

D.  Rehabilitated real estate tax exemption.  Qualified business firms located within the Enterprise Zone shall receive a rehabilitated real estate tax exemption on the increase in assessed property value resulting from rehabilitation of commercial and industrial real estate and facilities, which qualify under the provisions of Virginia Code Section 58.1-3220, as amended.  The rehabilitated real estate tax exemption shall be extended for a five-year period, upon application showing compliance with the qualifying requirements, on the following basis:

    1.    An eighty-percent exemption the first year.

    2.    A sixty-percent exemption the second year.

    3.    A forty-percent exemption the third year.

    4.    A twenty-percent exemption the fourth year.

    5.    A twenty-percent exemption the fifth year.

E.  All license fees, building permit fees and water and sewer tap fees shall initially be paid in full by the business firm.  The business firm shall then apply for an exemption or rebate hereunder, and, upon approval of the application, the business firm will receive a credit on its prepaid fees or taxes.

 (Ord. No. 7-98 Amended/Change “E to F” 6-8-98-Effective Upon Passage)