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) To be eligible for any tax abatement, there must be a mininlum capital investrnent in
<br />the Au orized Facility of $250,000 and at least ten (10) new jobs added to the Employer's labor
<br />force.
<br />) When an abatement percenta~e has been ab eed upon it shaIl be ~ranted for years one
<br />(1) thro ~h three (3); thereafter, there wi]I be a 20% reduction in the ori~ al_percentage abated
<br />be i' g with year four (4) and a similar reduction of 20% in each of the next three years until
<br />100% o the Real Property valuation is added to the tax rolls. Tf2is forrnula is exenTplified in Exhibit
<br />"A", at ached to this documenf.
<br />c) Criteria for qualification for tax abatement are as follows:
<br />and Newly Created
<br />or jobs
<br />j
<br />Possible Abatement
<br />Capita
<br />Investmen{
<br />Minirnum Annual Pavroll
<br />Created
<br />Onl
<br />lst 3 Y~oo
<br />$250,0
<br />0-$500,000
<br />$125,000
<br />10-25
<br />26-50
<br />o
<br />30%
<br />$500,0
<br />17$750,000
<br />$325,000
<br />51-75
<br />4fl%
<br />$750,0
<br />1-$1,000,000
<br />$635,000
<br />~6-100
<br />
<br />$1,000
<br />001-$1,500,000
<br />$945,000
<br />101-125
<br />60%
<br />$1,500
<br />001-$2,000,000
<br />$11260,000
<br />126-150
<br />
<br />$2,000
<br />001-~3,000,000
<br />$1,570,000
<br />151-175
<br />
<br />$3,000
<br />001-$4,000,000
<br />$1,880,000
<br />176-200
<br />0
<br />90 /o
<br />$4,000
<br />001-$5,000,000
<br />~
<br />$2,190,000
<br />201-225
<br />100 %
<br />$5,000
<br />001410,000,000
<br />$2,500,000
<br />,
<br />d) Any project with a capital investrnent of more than ten mill.ion dollars ($10,000,000)
<br />~anied by a newly created rnuli-mum arnual PaYroll of two and one-half mit]ion dollars
<br />,000), or creating more than two hvnd~'edQ e~an sV e~cifiedj'ins ta a~^' ~~~dually
<br />ited_ No abatement willbe granted for m P
<br />e) If a newly created business is located or will locate within an Enterprise Zone, an
<br />)nal 10 to 20% abatement may be available as individually negotiated, with total
<br />abate ent not to exceed 100%.
<br />VI. T Abatement for Personal Property; Ci'eation of Jobs:
<br />The City recobnizes a si~ zi.ficant difference in the valuation of real progerty and
<br />pers al property. Because of depreciation schedules, often the abatement of personal property
<br />is ba ically a tax exemption. For this reason, the abatement schedule for persoral property
<br />vers real property is significantly different. If personal property should become obsolete and
<br />be re laced while under an abatement agreement, the replacement personal property is not
<br />eligi le for abatement.
<br />a) To be eligible for any tax abatement on Personal Property, there must be a Lnuvmum
<br />capital investnzent of $250,000 Jn Personal Property and at least ten (10) new jobs added to the
<br />Em-p over's labor force.
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