§ 51299.1
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/ca/government-code/51299-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this chapter:
(a)“Adaptive reuse investment incentive funds” means, with respect to a qualified adaptive reuse project property for a relevant fiscal year, an amount up to or equal to the amount of ad valorem property tax revenue allocated to the participating local agency, excluding the revenue transfers required by Sections 97.2 and 97.3 of the Revenue and Taxation Code, from the taxation of that portion of the total assessed value of the real and personal property of an adaptive reuse project property that is in excess of the qualified adaptive reuse project property’s valuation at the time of the proponent’s initial request for funding.
(b)“Program” means an adaptive reuse investment incentive program established pursuant to Section 51299.2.
(1)“Proponent” means a party or parties that meet all of the following criteria:
(A)The party is named in the application for a permit to construct a qualified adaptive reuse project submitted to the city or county.
(B)The party will be the fee owner of the qualified adaptive reuse project property upon the completion of that development.
(2)If a proponent that is receiving adaptive reuse investment incentive amounts subsequently leases the qualified adaptive reuse project property to another party, the lease may provide for the payment to that lessee of any portion of adaptive reuse investment incentive funds. A lessee that receives any portion of adaptive reuse investment incentive funds shall also be considered a proponent for the purposes of this chapter.
(d)“Qualified adaptive reuse project property” means an adaptive reuse project proposed pursuant to Article 11.5 (commencing with Section 65658) of Chapter 3 of Division 1 of Title 7 that is located within the city or county.