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<br />c) Criteria for qualification for tax abatement are as follows:
<br />
<br />Capital Investment
<br />
<br />$250,000-$350,000
<br />$350,001-$500,000
<br />$500,001-$750,000
<br />$750,001-$1,000,000
<br />$1,000,001-$1,250,000
<br />$1,250,001-$1,500,000
<br />$1,500,001-$1,750,000
<br />$1,750,001-$2,000,000
<br />$2,000,001-$3,000,000
<br />
<br />Newly Created
<br />Minimum Annual Payroll
<br />$125,000
<br />$325,000
<br />$635,000
<br />$945,000
<br />$1,260,000
<br />$1,570,000
<br />$1,880,000
<br />$2,190,000
<br />$2,500,000
<br />
<br />or Jobs
<br />Created
<br />10-25
<br />26-50
<br />51-75
<br />76-100
<br />101-125
<br />126-150
<br />151-175
<br />176-200
<br />201-225
<br />
<br />Possible Abatement
<br />(1st 3 Years Onlyl
<br />20%
<br />30%
<br />40%
<br />50%
<br />60%
<br />70%
<br />80%
<br />90%
<br />100%
<br />
<br />d) Any project with a capital investment in personal property of more than three million
<br />dollars ($3,000,000), accompanied by a newly created minimum annual payroll of two and one-
<br />half million dollars ($2,500,000), or creating more than two hundred twenty-five (225) new Jobs
<br />will be individually negotiated. No abatement will be granted for more than specified in state
<br />law.
<br />
<br />e) If a newly created business is located or will locate within an Enterprise Zone, an
<br />additional 10 to 20% abatement may be available as individually negotiated, with total
<br />abatement not to exceed 100%.
<br />
<br />VII. Tax Abatement for Existing Employers Regarding Real or Personal Property.
<br />
<br />The City recognizes the value of its existing Employers to the well-being of the
<br />community and desires to encourage existing Employers to remain in the City and to improve
<br />their respective businesses and industries, as well as their profitability. Accordingly, if an
<br />existing Employer (as opposed to a newly created business or industry moving into the City),
<br />owns or leases an Authorized Facility and has plans to improve such Property by constructing
<br />new improvements on its Real Property and/ or adding new Personal Property to its
<br />Authorized Facility which qualify for tax abatement under these Criteria and Guidelines, such
<br />Employer may be eligible for tax abatement with respect to such improvements to its Real
<br />Property or its new Personal Property under the provisions of Article V and IV above, even if
<br />no new Jobs or Newly Created Minimum Annual Payroll are created. In these cases involving
<br />existing Employers, the criteria for tax abatement for improvements to Real Property at
<br />Authorized Facilities are identical to that set forth in Article V above (except that no new Jobs
<br />or Newly Created Minimum Annual Payroll are required); and the criteria for tax abatement
<br />for new Personal Property added to Authorized Facilities are identical to that set forth in
<br />Article VI above (except that no new Jobs or Newly Created Minimum Annual Payroll are
<br />required). In this regard, however, the City encourages existing Employers to retain as many
<br />Jobs and as much existing Annual Payroll as is economically feasible for the existing Employer
<br />to do and remain competitive in its industry.
<br />
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