The property owner affirms that this application for property tax abatement meets the conditions set forth in designating ordinances of the Peoria Urban Enterprise Zone (listed below):
1. The County or Municipality has issued a building or other permit required by any of the applicable codes or ordinances of the County or Municipality.
2. The project or property owner seeking an incentive does not owe any fines, fees or overdue taxes;
3. The project has been certified by the zone administrator or State of Illinois.
4. Abatement of taxes on any parcel shall not exceed the amount attributable to the construction of the improvements and the renovation or rehabilitation of the existing improvements on such parcel.
5. Such abatement shall be allowed only for commercial, industrial or manufacturing property located within the Zone Area.
6. Such abatement shall be for five years at the rate of 100% for the first three years and at the rate of 50% for years four and five, commencing the first year after any improvements have been assessed.
7. As part of the application process for certification of a project, the project owner or owner of the property where a property tax abatement would occur shall agree to not pursue a reduction in assessed value of the property for a minimum of five (5) years following the expiration of the property tax abatement period.
8. The abatement shall apply only to improvements commenced within the Peoria Urban Enterprise Zone after designation of the Peoria Urban Enterprise Zone by the Designating Local Governments and certification by the State.
9. Any abatement which commences prior to the expiration of the Peoria Urban Enterprise Zone shall not continue beyond the expiration of the Peoria Urban Enterprise Zone.
10. Any abatement shall also apply within territory lawfully added to the Peoria Urban Enterprise Zone subsequent to its certification by the State and shall also apply to any lawfully authorized term extension of the Peoria Urban Enterprise Zone.
11. The following provision will apply to all projects involving demolition and new construction:
Any project which involves new construction on a site which previously was occupied by a building(s) will receive the real estate tax abatement on a "net new" basis. That is, the increased assessment amount to be abated will be based on the most recent assessment of the property which included the valuation of the property which included the valuation of the land and original building(s).
12. In the case of property within a redevelopment area created pursuant to the Real Property Tax Increment Allocation Redevelopment Act no abatement shall be granted.
Property tax abatement applies only to the increase in assessed value attributable to the new construction, renovation, or rehabilitation. Participating taxing districts in the Peoria Urban Enterprise Zone Abatement Program include: City of Peoria, County of Peoria, ICC#514, Peoria Library, Peoria Township, Airport Authority, GP Mass Transit, Village of Peoria Heights, Peoria Heights Library, City of West Peoria, Village of Bartonville, Village of Mapleton, and Village of Bellevue. Property taxes based on the assessed value of land and existing improvements continue to be extended and collected.