(a) The extent and term of any tax exemption granted shall be subject to annual review by the City Council to ensure that the ownership and use of the property and any other qualifying criteria of the business for the tax exemption continue to exist. Information justifying the continued exemption will be submitted annually to the City Manager or a designee for review and approval. The City Manager will advise the Council of all annual determinations. The City Manager determinations may be reversed if the Council places the matter on an agenda and so votes.

(b) Upon the failure of any business to fully and timely pay the taxes due as may be required or to provide reports or other information requested by the City and reasonably necessary for the implementation of this chapter, the City shall either revoke or not renew the authorization of such an exemption. (Ord. 18477 § 19, 7-12-05; Ord. 18365 § 6, 12-21-04; Ord. 17270 § 12, 6-2-98; Ord. 16349 § 12, 7-23-91. Code 1981 § 42-42. Code 1995 § 138-87.)