(a) Any applicant making an application and receiving an exemption pursuant to this chapter is required to pay taxes on the assessed valuation of the real estate, including either buildings together with land or land only, prior to the construction of new buildings or added improvements to buildings on such property or prior to the acquisition of the property by the business. This payment will ensure that the City, County, school district and any other taxing jurisdictions affected will not receive less tax revenue from the property than was received prior to the exemption.

(b) Additionally, each business will pay taxes equal to 20 percent of the tax otherwise due with respect to the exemption. If application of the formula as set forth herein yields a lesser payment, then the minimum payment of 20 percent will apply. For extraordinary reasons, such as when vacant buildings are acquired for a new business, when the market value of the property has decreased, or when the size of the project is exceptionally large (i.e., jobs created and/or new capital investment), this requirement may be waived in part or in whole by the Council of the City of Topeka.

(c) Notwithstanding the foregoing, the City Council may reduce the amount of exemption under this section by the amount of one percent. The City’s pro rata share of the one percent tax savings may be used for economic development in the City of Topeka pursuant to the provisions of TMC 3.55.210. (Ord. 18365 § 5, 12-21-04; Ord. 18162 § 1, 1-13-04; Ord. 17270 § 11, 6-2-98; Ord. 16349 § 11, 7-23-91. Code 1981 § 42-41. Code 1995 § 138-86.)