§ 19-26. Limited tax exemption for new construction and renovation in central business district.
(a)
Pursuant to the authority vested in the board of mayor and aldermen of the city by section 17-21-5 of the Mississippi Code of 1972, as amended, it is hereby declared to be the policy of this city that effective January 1, 1994, construction of new structures and renovation of existing structures used for the conduct of business, either retail or wholesale, in the central business district of the city shall be eligible for ad valorem taxation exemption, excluding taxation for school purpose, for the period of seven years; that the extent of the ad valorem taxation exemption shall be equal to the increase of ad valorem taxation increase directly related to and resulting from the new construction or renovation undertaken after January 1, 1994; and that the evaluation directly resulting from the new construction or renovation of existing structures used for the conduct of business for and on behalf of the owner or tenant shall never, of itself, result in a reduction of the assessed evaluation of such property upon which the ad valorem taxation exemption is sought below the assessed evaluation for such property for the tax year next preceding the year in which the ad valorem taxation exemption is sought.
(b)
No consideration for ad valorem taxation exemption under the provisions of this section shall be undertaken until and unless the owner of the property for which such exemption is sought shall have first made a written application for such exemption to the board of mayor and aldermen of this city on a form approved by such board, as well as have provided such other documentation or information as may be required by such board in addition to meeting all other requirements of section 17-21-5 of the Mississippi Code of 1972, as amended.
(Ord. of 4-25-94, § 1)