Section 303. Qualified businesses.
(a) Qualifications.--In order to qualify each year for the tax exemptions, deductions, abatements or credits provided under this act, a business shall submit a statement to the department stating that the business owns or leases real property in an economic development district and that the business actively conducts a trade, profession or business on the real property. An agent, broker or representative of a business is not engaged in the active conduct of a trade, profession or business for the business. The department shall review the statement. Upon being satisfied that the business is located and is in the active conduct of a trade, profession or business within the economic development district, the department shall, subject to subsection (b), if applicable, grant the business a certificate. The business shall obtain annual renewal of the certification from the department to continue to qualify for the tax exemptions, deductions, abatements or credits provided under this act.
(b) Relocation.--If a business located in this Commonwealth relocates from outside an economic development district into an economic development district, the business shall not receive the exemptions, deductions, abatements or credits provided under this act unless the business has entered into a lease agreement for property located within the economic development district consistent with all of the following:
(1) The net present value of the lease agreement is at
least $50,000,000.
(2) The lease agreement is for at least 500,000 square
feet of property.
(3) The term of the lease agreement is at least
equivalent to the balance of the duration of the designation
of the property as an economic development district.
(4) Aggregate payment under the lease agreement to
support new capital investment is at least equivalent to 5%
of the gross revenues of the business in the immediately
preceding calendar or fiscal year.
(5) The property will be used for food distribution.
(6) The property consists of at least 85 acres.
(7) The property is publicly owned.