This incentive is designed to promote redevelopment of contaminated,
blighted, or functionally obsolete commercial and commercial housing
properties. It allows the city to "freeze" the taxable value of a
structure (before improvements are made) for 1-12 years, essentially
allowing property owners to rehabilitate their buildings tax-free with
the exception of school taxes. The State may also decide to exempt
one-half of the school millage for up to six years.