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0IUlIKANCE MO_2006-4~ AN ORDINANCE TO AUTHORIZE CERTAIN REAL ESTATE TAX ABATEMENT FOR ENVIRONMENTAL RESTORATION SITES BY ENACTING SECTION 35-135 OF THE CODE OF THE CITY OF PORTSMOUTH. BE IT ORDAINED by the Council ofthc City of Portsmouth, Virginia: l. That the Code of the City of Portsmouth. Virginia (1988) be. and hereby is, amcnded and rcordaincd by enacting a new section numbered Section 35-135 to read as follows: Section 35- US. Environmental Restoration Sites. (a) Pursuant to the authority granted by Section 58.1-3664 of the Code of Virginia, Icnvimnmental Restoration Sites are hereby determined to be a separate class of property which is excmpt trom rcal estate taxation up to limit set herein, as set forth in this section. (b) An Environmental Restoration Site means real estate which contains or did contain environmental contamination from the release of hazardous substances, hazardous wastes. solid '.'.aste or petroleum, the restoration of which would abate or prevent pollution to the atmosphere or waters of the Commonwealth of Virginia and which (i) is subject to voluntary remediation pursuant to Section 10.1-1232 of the Code of Virginia and (ii) receives a Certificate of Continued Eligibility from the Virginia Waste Management Board during each year for which it qualities for the applicable tax exemption. (c) An Environmental Restoration Site shall be classified as such for a single tive- year period. rhat pcriod shall commence on the date that the Department of Environmental Quality issucs a Ccrtification of Voluntary Completion for the property. A classification issued at allY time during a calendar year shall be effective for the cntire calendar year, without pro rating. file classitication shall bc for the current year and subsequent years only, no property shall be digible for the classilication for any year prior to 2006, and requests for reclassification for years prior to 2006 are both unauthorized and prohibited. No property shall be eligible for more than olle five-ycar classification period. (d) The classitication granted by this section shall be for the full assessed value of land and improvemcnts Oil any qualitied property. up to a maximum assessed value of $J.OOO.OOO. AllY asscssed value in excess of $3.000,000 for any qualitied property shall be fully taxable. (e) Thc burden shall be on the property owner to timely provide to the City Assessor (i) a Ccrtification of Voluntary Completion from the Department of Environmental Quality showing that the propcrty qualities initially as an Environmental Restoration Site; and (ii) a Certilicate of Continued Eligibility from the Virginia Waste Management Board for each subsequcnt ycar ofthc five-year tax exemption period for which an exemption is sought. The City Asscssor shall have no responsibility to issue or to maintain the classification authorized ullder this scction unless the property owner timely provides full and proper documentation of digibility during each applicable tax year.