(a) A "moratorium
period of 'X' years" means that consecutive passage of time
commencing upon the date when real property first qualifies for
the provisions of this Section and ending at midnight (12:00 p.m.)
of that same month and day "X" years thereafter.
(b) Gross income
derived from construction contracting upon real property not owned
by a governmental entity shall be exempt from the taxes imposed
by Sections ___-415 through ___-418 for a moratorium period of (__)
years from the date upon which such real property shall have been
annexed to and become a part of the City.
(c) Gross income
derived from the following activities shall be exempt from the taxes
imposed by this Chapter for a moratorium period of (__) years, when
such activities occur upon real property which, pursuant to State
law, possesses appurtenant water rights which are based upon a history
of agricultural irrigation, and such rights have been contractually
or otherwise irrevocably committed to be surrendered, assigned or
transferred to the City prior to the expiration of said moratorium
period.
(1) construction
contracting as provided by Sections ___-415 through ___-418.
(2) rental,
leasing, or licensing for use of real property for any purpose
other than for lodging or lodging space as provided by Section
___-445.
(d) The provisions
of this Section shall be irrevocably vested in any real property
that qualifies under this Section after the adoption of this Section
as part of the City Code, or upon the adoption of any substantially
similar ordinance previously adopted, whichever occurs earlier.)++
