exemption under this act, if the developer has not completed
each requirement for exemption under section 9(a) or is
ineligible under section 9(b) or (c), the local taxing
authority shall file a lien against the tax-exempt property
at the rate of the estimated amount of assessment under
subsection (d). The lien shall be forgiven by the local
taxing authority at the end of the fifth year following the
completion of the redevelopment if there have been no serious
violations against the property that have not been corrected.
The lien on the property transfers under subsection (c) for
the sale or exchange of the shopping mall.
Section 8. Exemption incentives procedure.
(a) Notification.--A developer desiring tax exemption
authorized by an ordinance or resolution adopted under this act
must notify the local taxing authority granting the exemption in
writing on an application form provided by the local taxing
authority, which must be submitted at the time the developer
secures the building permit or, if no building permit or other
notification is required for the redevelopment of the property,
at the time the developer commences construction. The
application must include the following information:
(1) A statement of tax obligations, signed by the
applicant and the local taxing authority and notarized.
(2) An outline of specifications for the redevelopment
of the shopping mall indicating, with as much specificity as
practicable, the materials to be used for exterior and
interior finishes.
(3) An itemized cost estimate for the redevelopment of
the shopping mall. The itemization must:
(i) be on contractor letterhead; and
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