To qualify for the limited assessment provided by ORS § 308.450 to 308.481, the owner shall:

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(1) Prior to commencement of rehabilitation improvements, secure from the governing body or its duly authorized agent, verification of noncompliance with code as described in ORS § 308.450 (3)(b);

(2) File an agreement with the governing body, where required by the governing body, between the owner and the governing body to negotiate rental rates to be charged for the rehabilitated rental units during the period of the limited assessment;

(3) Prior to commencement of rehabilitation improvements, file an application for limited assessment with the governing body that contains any information the governing body deems necessary to determine whether the property qualifies for limited assessment; and

(4) Complete rehabilitation improvements within two years of approval of the application for limited assessment filed under this section. [1975 c.696 § 5; 1977 c.472 § 3; 1989 c.1051 § 10; 2005 c.94 § 51; 2007 c.469 § 2]

[Repealed by 1975 c.365 § 4]