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to consider the application. The municipality shall determine whether the granting of <br /> the exemption or payments in lieu of taxes, or both, is in the best interest of the <br /> municipality, and if it so determines, shall give its approval. <br /> 5. By motion approved by the governing body of the municipality before the beginning of <br /> a taxable year for which a property tax exemption or the option to make payments <br /> in lieu of taxes under this section previously has been approved by the governing <br /> body, a property tax exemption may be revoked or reduced and payments in lieu of <br /> taxes may be revoked or increased for that taxable year for reasons specified in a <br /> negotiated agreement or if the governing body finds that: <br /> a. Information provided by the project operator during the negotiation and <br /> deliberation of a property tax exemption or the option to make payments in lieu of <br /> taxes has proven to be inaccurate or untrue; <br /> b. Use of the property by the project operator does not comply with the reasonable <br /> expectations of the governing body at the time the property tax exemption or the <br /> option to make payments in lieu of taxes was approved; <br /> c. The property has been improved to a substantially greater extent than the <br /> governing body reasonably anticipated at the time the property tax exemption or <br /> the option to make payments in lieu of taxes was approved; or <br /> d. There has been a change of ownership of the property since the property tax <br /> exemption or the option to make payments in lieu of taxes was approved. <br /> 6. During the negotiation and deliberation of a property tax exemption or the option to <br /> make payments in lieu of taxes under this chapter, a municipality shall include, as <br /> nonvoting ex officio members of its governing body, a representative appointed by the <br /> school board of each school district affected by the proposed action and a <br /> representative appointed by the board of township supervisors of each township <br /> affected by the proposed action. <br /> (Effective for taxable years beginning after December 31, 2014) Municipality's <br /> authority to grant or revoke tax exemption or payments in lieu of taxes - Notice to <br /> competitors - Limitations. <br /> 1. After negotiation with a potential project operator, a municipality may grant a partial or <br /> complete exemption from ad valorem taxation on all buildings, structures, fixtures, and <br /> improvements used in or necessary to the operation of a project for a period not <br /> exceeding five years from the date of commencement of project operations. A <br /> municipality may also grant a partial or complete exemption from ad valorem taxation <br /> on buildings, structures, fixtures, and improvements used in or necessary to the <br /> operation of a project that produces or manufactures a product from agricultural <br /> commodities for all or part of the sixth year through the tenth year from the date of <br /> commencement of project operations. Before a municipality may grant a partial or <br /> complete exemption from ad valorem taxation under this section: <br /> a. The governing body of the municipality must have received the certification of the <br /> department of commerce division of economic development and finance that the <br /> project is a primary sector business, as defined in subsection 3 of section <br /> 40-57.1-02; or <br /> b. The city council or commission, if the project is proposed to be located within the <br /> boundaries of a city of fewer than forty thousand population, or the board of <br /> county commissioners, of a county of fewer than forty thousand population and if <br /> the project is proposed to be located in the county but outside the corporate limits <br /> of any city, may grant a partial or complete exemption from ad valorem taxation <br /> for a project operating in the retail sector if that governing body has obtained the <br /> approval of exemption of property under this subdivision from a majority of the <br /> qualified electors of the city or county voting on the question at a city or county <br /> election held in conjunction with a statewide general election and if that governing <br /> body has established by resolution or ordinance the criteria that will be applied by <br /> the governing body to determine whether it is appropriate to grant a partial or <br /> complete exemption from ad valorem taxation under this section for a project <br /> operating in the retail sector. The ballot for elector approval of exemption of <br /> Page No. 3 <br />