Property ownership must be transferred after the state authorization of the zone to be eligible for both real estate and income tax exemptions

Property may not have been part of a previous zone project

Project must bring property into compliance with all current building codes and all deteriorated conditions that are visible on the exterior of the building.

Property owner must make capital improvements equal to the greatest of the following * 50% of the true and full value of the property prior to improvements

Proposed capital improvements must substantially improve the life expectancy of the property. Capital improvements include, but are not limited to, replacement or updating of roof, foundation, structure, siding, windows, and doors as well as electrical, pluming, heating and cooling systems. Capital improvements do not include new floor covering, window treatments, wall coverings, or furnishings