[Ord. 635, 6/12/2008, § 1]
This Part shall be known as the "Wellsboro Borough Local Economic Revitalization Tax Assistance (LERTA) Ordinance."
[Ord. 635, 6/12/2008, § 2]
As used in this Part:
DETERIORATED AREA
Those areas in the Borough of Wellsboro which are presently zoned as Central Business, Commercial Manufacturing and Highway Commercial, and those areas in the Borough which may, at some future date, be determined to be deteriorated areas by resolution of the Wellsboro Borough Council in accordance with the standards as set forth in the LERTA.
DETERIORATED PROPERTY
Any industrial, commercial or other business property, owned by an individual, association or corporation, and located in a "deteriorated area," as hereinafter defined, or any such property which has been the subject of an order by a government agency requiring the unit to be vacated, condemned or demolished by reason of noncompliance with laws, ordinances or regulations.
IMPROVEMENT
Repair, construction or reconstruction, including alterations and additions, having the effect of rehabilitating a deteriorated property so that it becomes habitable or attains higher standards of safety, health, economic use or amenity, or is brought into compliance with laws, ordinances or regulations governing such standards. Ordinary upkeep and maintenance shall not be deemed an improvement.
[Ord. 635, 6/12/2008, § 3]
There is hereby exempted from real property taxation the assessed valuation of improvements to deteriorated properties in the amounts and in accordance with the provisions and limitations set forth in §§ 24-504 and 24-505, below.
[Ord. 635, 6/12/2008, § 4]
The tax exemption set forth in § 24-503 shall be limited to a tax exemption on the actual increase in assessed valuation attributable to the actual cost of the improvements, provided that such improvements are in compliance with all applicable laws, ordinances and regulations during the entire period of exemption.
[Ord. 635, 6/12/2008, § 5]
The following schedule of taxes exempted shall apply to all properties satisfying the provisions and limitations hereinbefore and hereinafter set forth:
Schedule 24-505-A
Eligible Tax Year
Percentage of Tax Exemption on Eligible Assessment
Year 1
90%
Year 2
80%
Year 3
60%
Year 4
40%
Year 5
20%
After year five the exemption shall terminate and the property shall be taxed at 100% of the total assessment at the applicable property tax rate then in effect.
[Ord. 635, 6/12/2008, § 6]
1. 
The exemption hereinbefore authorized shall be upon the property exempted and shall not terminate upon the sale or exchange of the property.
2. 
The cost of improvements to be exempted in the schedule of taxes exempted existing at the time of the initial request for tax exemption shall be applicable to that exemption request, and subsequent amendments to this Part, if any, shall not apply to requests initiated prior to the adoption of such an amendment.
[Ord. 635, 6/12/2008, § 7]
Any person desiring a tax exemption pursuant to this Part shall notify the Borough, or its designated officer, in writing on a form provided by such office, at the time such person secures his building permit, or if no building permit or other notification of improvement is required in a particular instance, at the time of commencement of construction.