10 - Resolution-Approving Addendum to Tax Abatement Agreement dated February 25, 2017 with Campbell Soup

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d) Any project with a capital investment of more than ten million dollars ($10,000,000), accompanied by a newly created minimum annual payroll of two and one-half million dollars (52,500,400), or creating more than two hundred twenty-five (225) lobs will be individually negotiated. No abatement will be granted for more than specified in state law. e) If a newly created business is located or will locate within an Enterprise Zone, an additional 10 to 20% abatement may be available as individually negotiated, with total abatement not to exceed I M. VT. Tax Abatement for Personal Property; Creation of Jobs; The City recognizes a significant difference in the valuation of real property and personal property. Because of depreciation schedules; often the abatement of personal property is basically a tax exemption. For this reason, the abatement schedule for personal property versus real property is significantly different. If personal property should become obsolete and be replaced while under an abatement agreement, the replwxme t personal property is not eligible for abatement. a) To be eligible for any tax abatement on Personal Property, there must be a minimum caput investment of $250,000 in Personal Property and at least ten (10) new Jobs added to the Employer's labor force. b) When an abatement percentage has been agreed upon it shall be granted for years one (1) through three (3); thereafter, there will be a 20% reduction in the original amount abated beginning with year four (4) and a similar reduction of 20% in each of the next three years until 100% of the heal Property valuation is added to the tax roils. c) Criteria for qualification for tax abatement are as follows: Capital Investment Mein. Annual Pa roil Created Newly Created Jobs Possible Abatement 1st 3 Years Ogd SUO,OOO-S350,000a 350 001-S500400 S325,000 26-Sa 300A $500.00 I -S750 000 I S635,000 51-75 40% $750 001-$1000 000 $945,000 76-100 50% $1,000,001-51,250Q00 $1 264 000 101-125 60% $I 50 001-$1 5 000 $I 570 000 126-150 70% $1 50D 001-$I 750 000 $I 884 000 151175 90% S1,750,00142 040 000 VM190,000 176-200 9D% WL U500,090— 201-225 d) Any project with a capital investment in personal property of more than three million dollars (53,000,000 accompanied by a newly created minimum annual payroll of two and Me - half million dollars ($2,500,000), or creating more than two hundred twenty-five (225) new Jobs will be individually negotiated. No abatement will be granted for more than specified in state law.