The City of Frederick shall grant exemptions from the increase in city real estate taxation which is attributable to rehabilitation of real property located within the commercial corridor known as the Golden Mile so as to encourage capital reinvestment and revitalization of existing facilities in the Golden Mile District, all to be done in accordance with the following Program guidelines:
a) The eligible properties shall be located within the Golden Mile Tax Credit District, defined as all properties zoned B-3, B-1, and B-O as of the adoption date of this resolution and which are located along West Patrick Street (Route 40), Baughmans Lane, and Hillcrest Drive between Route 15 and Bowers Road.
b) The property tax credit shall run for not longer than seven (7) years in which the rehabilitated property is subject to taxation.
c) The property shall be exempt from the City real estate taxation based on the increase in assessed valuation of the property attributable to rehabilitation as defined below:
1) The exemption schedules are based on the gross value of the rehabilitation.
2) Projects which begin construction in 2003 shall use the following exemption schedule:

3) Projects which begin construction in subsequent years (2004+) shall use the following exemption schedule:

4) All property owners seeking to use property tax credits provided herein shall provide pedestrian and vehicular connections to adjacent commercial properties. The City of Frederick Planning Department shall coordinate pedestrian and vehicular connection among properties.
5) The Golden Mile Property Tax Credit Program shall end on December 31, 2010 and no new projects after that date shall be accepted into the program. Any projects already accepted into the Program shall continue to receive tax credits as specified in c) (2) and c)(3) above. (Res. No. 03-8, § 1, 2-20-03)