Borough of Pottstown, PA PART 7 EXEMPTING REAL PROPERTY AND EARNED INCOME AND NET PROFITS TAXES WITHIN A SPECIFIC AREA

§ 701 Application of Provisions.

[Ord. 1884, 3/8/1999]

Effective as of January 1, 1999, contingent only upon Department of Community and Economic Development's approval of the application for the proposed Keystone Opportunity Zone, the following provisions shall apply:

A. Real property tax in the proposed Keystone Opportunity Zone is exempt in accordance with the provisions and limitations hereinafter set forth within the boundaries of the proposed Keystone Opportunity Zone (which properties are set forth in Exhibit A, attached hereto) in accordance with the Act for a period of 12 years, commencing January 1, 1999.

B. The exemption shall be 100% of the real property taxation on the assessed valuation of the property within the proposed Keystone Opportunity Zone.

C. The Borough of Pottstown further waives its tax on earned income received by a resident of the proposed Keystone Opportunity Zone and/or the tax on net profits of a qualified business received by a resident or nonresident of the proposed Keystone Opportunity Zone attributable to business activity conducted within the proposed Keystone Opportunity Zone which is set forth in Ord. 1203, adopted December 30, 1968, as amended [Chapter 24, Part 2].

D. The provisions of the Act not herein enumerated shall, nevertheless, be incorporated as part of this Part by reference.

E. To the extent that either or both Montgomery County and Pottstown School District (the other two taxing bodies) establish defined geographic and political boundaries for a Keystone Opportunity Zone different from the proposed Keystone Opportunity Zone, this Part shall be interpreted only to apply to those portions of the defined geographic and political boundaries as set forth in the resolutions and ordinances of the other two taxing bodies which are also included within the proposed Keystone Opportunity Zone, the intent being that the action of all taxing bodies will encompass the same defined geographic and political boundaries and that no further ordinance need be adopted by this body to confirm the proposed Keystone Opportunity Zone to that other two taxing bodies.

F. This Part shall become effective immediately, contingent and conditioned only upon the prior approval of Department of Community and Economic Development of the application with respect to the proposed Keystone Opportunity Zone.