(a) The City of Montgomery in Montgomery County may henceforth grant city ad valorem exemptions as to all city property taxes to owner-developers who build new commercial or industrial facilities within the downtown business district of the City of Montgomery, as that district is defined by the governing body, and upon the terms and conditions as hereinafter provided for.
(b) In order to qualify for the ad valorem tax exemptions provided for in subsection (a), the owner-developer must file an application with the municipality in accordance with procedures heretofore established by the governing body of the city, setting forth the improvements proposed to be made, the value at which the city property was assessed in the year preceding the grant of exemption which amount shall continue to be paid during the period of exemption. Pursuant to the application, the governing body of the City of Montgomery is authorized to grant the exemption provided for in subsection (a) for any period up to 15 years upon the condition that the exemption shall apply only to the increase in value of the property caused by the construction or development of the new commercial or industrial facilities.
(c) The tax exemption herein provided for shall not affect any taxes other than city ad valorem taxes and shall be effective as to the city ad valorem taxes due to be paid on the property after the substantial completion of the improvements proposed in the application heretofore as evidenced by the certificate of the chief building official or like officer of the city, which certificate, together with a certified copy of the resolution adopted by the governing body of the city and the acceptance of the terms thereof, in writing acknowledged in the form required by law in the taking of acknowledgments for deeds of real property, shall be filed in the office of the Judge of Probate of Montgomery County and in the office of the tax assessor or like officer of Montgomery County.
(d) At the end of the exemption period, or in the event of failure of the owner to pay the ad valorem property tax herein provided for on or before the delinquent tax date, the property shall be assessed and taxed in the same manner as the other property within the municipal corporation.