The City of Frederick shall grant exemptions from the increase in city real estate taxation, which is attributable to rehabilitation of real property so as to encourage capital reinvestment and revitalization of existing structures and occupancy of vacant commercial properties, all to be done in accordance with the following Program guidelines:
a) The property on which the structure is located shall be zoned for commercial use.
b) An individual stand-alone commercial structure not in a shopping center and located on a single-parcel of land shall be fully vacant.
c) A multiple-tenant shopping center on a single-parcel of land shall have not less than 25% of the gross leasable square footage vacant.
d) The structure or the portion of a structure within a shopping center shall have been vacant and actively listed for lease or sale at fair market value with a commercial broker for a period of not less than 18 months.
e) Only rehabilitation of existing structures is eligible. New construction is not eligible.
f) The structure must have been constructed before the year 2000.
g) The property tax credit shall run for not longer than seven (7) years in which the rehabilitated property is subject to taxation.
h) 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 2004 shall use the following exemption schedule:

3) Projects which begin construction in subsequent years (2005+) 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 unless determined to be not feasible by The City of Frederick Planning Department. The City of Frederick Planning Department shall coordinate pedestrian and vehicular connection among properties.
5) The Vacant Commercial Structures Tax Credit shall end on December 31, 2009 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 h)(2) and h)(3) above. (Res. No. 04-21, § 1, 8-19-04)