The policy set forth herein with regard to property tax exemptions is considered separate and distinct from the City’s policy regarding payments in lieu of taxes and reduced payments in lieu of taxes in relation to industrial revenue bonds. In the event a property would qualify under both policies, then the property shall be eligible for only one incentive program which shall be at the election of the applicant. (Ord. 17270 § 20, 6-2-98; Ord. 16349 § 20, 7-23-91. Code 1995 § 138-95.)