[Adopted 5-3-2005 by L.L. No. 1-2005]
A. 
Nonresidential real property that is converted to the structure used for both residential and commercial purposes is eligible for partial exemption from taxation and special ad valorem levies, provided the cost of conversion exceeds $10,000.
B. 
The amount of the exemption is calculated as a percentage of the exemption base, which is the increase in assessed value of the property attributable to conversion to a mixed-use property. This base should be determined for each year in which there is an increase in assessed value attributable to conversion from that of the previous year's assessed value. The exemption is computed as indicated below:
Year of Exemption
Percentage of Exemption Base
1 through 8
100%
9
80%
10
60%
11
40%
12
20%
C. 
The property receiving said exemption may not currently receive any other exemption, except where during the period of any such prior exemption, payments in lieu of taxes or other payments were made to the local government in an amount that would have been equal to or greater than the amount of real property taxes that would have been paid on the improvements had the property received this exemption.
D. 
The facility must be owned or operated by a private or public individual or organization. The portion devoted to residential construction work may not include dwelling units in a hotel. The cost of conversion must be at least $10,000. Such conversion costs may not include ordinary maintenance and repairs.
E. 
Said exemption applies only to construction that commenced subsequent to the date on which this article takes effect.
F. 
To be eligible, no such construction shall commence without the prior issuance of a building permit by the City of Oneida Codes Enforcement Officer.
G. 
Such exemption shall be granted only upon application by the owner of such building on a form prescribed by the State Board. The original of such application shall be filed with the Assessor's office on or before the taxable status date.
H. 
Progress on said construction shall be reviewed by the Assessor and/or Codes Officer on a six-month basis until construction is complete.
I. 
Notwithstanding the foregoing, the provisions of this article will not result in exemption from special assessments.