Timely Completion of Construction
For purposes of a proposed investment in qualified property by a business firm that is or becomes authorized in a terminated enterprise zone:
As used inORS 285C.245(1)(a)(B)(iii) and (b):
completes construction, addition, modification or installation within a reasonable time means the property is in service no later than 18 months after the date on which relevant construction, reconstruction, modification or installation activity commenced.
without interruption of construction, addition, modification or installation activity means that property does not remain in an unfinished state for more than six months without significant progress toward the completion of such activities consistent withsubsection (a) of this section.
The property may not qualify and receive the exemption under ORS 285C.175if section (1) of this rule is violated, except in the event thatthe Department issues a written finding to the county assessor that the violation is reasonable and not excessive, given the nature and extent of the authorized business firms investment or of inadvertent circumstances.
Nothing in this rule shall influence or restrict the qualification of an exemption in an enterprise zone that still exists and has not terminated.