d. Buffalo renaissance zone-letter of support

ND Code Sec. 40-63-03, Renaissance zones that states if the renaissance zone designation is granted, persons and property within the renaissance zone are exempt from taxes as provided in sections 40-63-04 through 40-63-07. 5. A city may not propose or be part of more than one renaissance zone. 6. A parcel of property may be exempted from property taxes under section 40-63-05 only once, but during the five taxable years of eligibility for that exemption, the property tax exemption transfers with the transfer of the property to a qualifying user. The ownership or lease of, or investment in, a parcel of property may qualify for exemption or credit under section 40-63-04 only once, but during the five taxable years of eligibility for that exemption or credit, the exemption or credit under section 40-63-04 transfers with the transfer of the property to a qualified user and with respect to the year in which the transfer is made must be prorated for use of the property during that year. 7. A city may apply to the department of commerce division of community services at any time during the duration of a zone to expand a previously approved renaissance Page 2 zone that is less than the maximum size allowed under subdivision c of subsection 1. If the expansion is approved by the department of commerce division of community services, the blocks in the expansion are eligible for up to fifteen years of renaissance zone status. 8. The use of grant funds as the sole source of investment in the purchase of a building or space in a building does not qualify a taxpayer for any tax exemption or credit available under the chapter, and grant funds may not be counted in determining if the cost of rehabilitation meets or exceeds the current true and full value of the building. *19689 9. If a portion of an approved renaissance zone is not progressing, the city may request the department of commerce division of community services to permit deleting that portion and to make an adjustment of the boundaries to add another equal, contiguous area to the original zone. Added by L.1999, c. 369, ~ 3, efJ. Jan. 1, 1999. Amended by L.2001, c. 55, ~ 14, efJ. Aug. 1,2001; L.2001, c. 359, ~ 3, efJ. Aug. 1,2001; L.2003, c. 350, ~ 1, efJ. Aug. 1, 2003; L.2003, c. 350, ~ 2, efJ. Aug. 1, 2003. Search this disc for cases citing this section. (g 2007 Thomson/West. No claim to original U.S. Govt. works.