§ 58-112. Increased value of property in certified historic district resulting from capital improvements; exemption.

The increased value of any property resulting from capital improvements on such property for the economic reuse establishment of certified historic structures located within the Cabbagetown Historic District shall be exempt from all City of Atlanta and Fulton County ad valorem taxes, including ad valorem taxes for school purposes, for seven years from the time of its establishment, provided such establishment has capital improvements of $1,000,000.00. The value of any property in existence at the time of any capital improvement shall not be exempt from taxation. The increased value of any property resulting from each addition to the capital improvements on such property for the economic reuse establishment of the Cabbagetown Historic District for new commercial development in conjunction with certified historic structures within the district shall be exempt from all City of Atlanta and Fulton County ad valorem taxes, including ad valorem taxes for school purposes, for seven years from the time of its establishment, provided such establishment has capital improvements of $1,000,000.00 or more and provided the addition results in a substantial increase in employment for the district. The value of any property in existence at the time of any such addition shall be treated as heretofore provided in this paragraph. For the purpose of this exemption, the term "economic reuse establishment" shall mean and include every person, firm, partnership, or corporation engaged in the redevelopment of the district in conjunction with certified historic structures. The term "capital improvements" shall mean and include buildings, machinery, and equipment directly connected with and included in the economic redevelopment plans for the district. The exemptions provided in this paragraph shall not apply to increased values in property resulting from investments and capital improvements starting in such property after December 31, 1985.

(1982 Ga. Laws (Act No. 120), page 2509, § 1)

Editor's note

The above amendment to Ga. Const. (1976) art. VII, § I, ¶ IV was continued in full force and effect by 1984 Ga. Laws (Act No. 1037), page 4595. See Ga. Const. art. XI, § I, ¶ IV.