§4313.  Contracts of limited exemption

A.(1)  The board, with the approval of the governor and the local governing authority, may enter into a contract granting to a property owner who proposes the expansion, restoration, improvement, or development of a commercial structure or structures or an owner-occupied residence in a downtown, historic, or economic development district the right for five years after completion of the work to pay ad valorem taxes based upon the assessed valuation of the property for the year prior to the commencement of the expansion, restoration, improvement, or development.

(2)  Such contracts shall be upon the terms, conditions, and limitations specified in Article VII, Section 21(H) of the constitution and in this Chapter and subject to such other terms, conditions, and limitations as the board, on recommendation of the Department of Economic Development, deems to be in the best interests of the state.

B.(1)  On the initiative of the board or upon receipt of a written complaint that the terms of the contract have been violated, the secretary of the Department of Economic Development shall cause a full investigation to be made on behalf of the board.  He shall have full authority for such investigation, including but not limited to authority to obtain reports or other pertinent records or other information from the person to whom the limited exemption was granted by contract.

(2)  Upon determination by the board that a violation of any of the terms and conditions of the contract under which such limited exemption is granted has occurred, the board, with approval of the governor and the local governing authority, shall give notice thereof in writing, and unless the violation is corrected within ninety days, any remaining portion of the limited exemption from taxation granted under any contract entered into under this Chapter may be terminated.

C.(1)  Each limited exemption from taxation granted under a contract entered into under authority of this Chapter shall be listed, together with the amount of the assessed valuation of the property for the year prior to the commencement of the work, being the assessed valuation upon which the property shall be taxed for the term of the limited exemption, by the board and a copy of each such listing shall be submitted to the assessor of the parish in which such property is located.

(2)  The assessor shall make and maintain a list of all such exemptions in effect.

(3)  Whenever any exemption ceases by reason of a violation of the terms of the contract under which it was granted, or for any other cause, the board shall notify the assessor who shall notify the tax collector for the parish.

Acts 1983, No. 445, §1; Acts 1984, No. 783, §1; Acts 1990, No. 503, §1; Acts 2001, No. 9, §7, eff. July 1, 2001.