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<br />three years unti1100% of the Real Property valuation is added to the tax rolls. This formula is
<br />exemplified in Exhibit "A ", attached to this document.
<br />
<br />c) Criteria for qualification for tax abatement are as follows:
<br />
<br />Capital Investment and Newly Created or Jobs Possible Abatement
<br /> Minimum Annual Payroll Created (1st 3 Years Onlyl
<br />$250,000-$500,000 $125,000 10-25 20%
<br />$500,001-$750,000 $325,000 26-50 30%
<br />$750,001-$1,000,000 $635,000 51-75 40%
<br />$1,000,001-$1,500,000 $945,000 76-100 50%
<br />$1,500,001-$2,000,000 $1,260,000 101-125 60%
<br />$2,000,001-$3,000,000 $1,570,000 126-150 70%
<br />$3,000,001-$4,000,000 $1,880,000 151-175 80%
<br />$4,000,001-$5,000,000 $2,190,000 176-200 90%
<br />$5,000,001-$10,000,000 $2,500,000 201-225 100%
<br />
<br />d) Any project with a capital investment of more than ten million dollars ($10,000,000),
<br />accompanied by a newly created minimum annual payroll of two and one-half million dollars
<br />($2,500,000), or creating more than two hundred twenty-five (225) Jobs will be individually
<br />negotiated. No abatement will be granted for more than specified in state 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 />VI. Tax Abatement for Personal Property; Creation of Jobs:
<br />
<br />The City recognizes a significant difference in the valuation of real property and
<br />personal property. Because of depreciation schedules, often the abatement of personal property
<br />is basically a tax exemption. For this reason, the abatement schedule for personal property
<br />versus real property is significantly different. If personal property should become obsolete and
<br />be replaced while under an abatement agreement, the replacement personal property is not
<br />eligible for abatement.
<br />
<br />a) To be eligible for any tax abatement on Personal Property, there must be a minimum
<br />capital investment of $250,000 in Personal Property and at least ten (10) new Jobs added to the
<br />Employer's labor force.
<br />
<br />b) When an abatement percentage has been agreed upon it shall be granted for years
<br />one (1) through three (3); thereafter, there will be a 20% reduction in the original amount
<br />percentage abated beginning with year four (4) and a similar reduction of 20% in each of the next
<br />three years until 100% of the Real Property valuation is added to the tax rolls. This formula is
<br />exemplified in Exhibit "B", attached to this document.
<br />
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