2008-104-RES-Adopting and extending the policy statement criteria and guidelines for tax abatements for an additional two years, and approving and authorizing tax abatement agreement with campbell soup for a new juice line at the paris plant.

Home Browse Search

(1) throt beo u1iY 100% of Exhibif Capi $250. $350 $500 $750 $1,0( $1,500 ' $1,750 )ranted for years one ~ When an abatement percentage has been ac.reed upon it shall be zg ~h three (S); thereafter, there will be a 20 ~o reduction in the origi.nal percenfage abated g with year four (4) and a similar reduction of ZO '/'0 in each of the next three years until he Personai Property valuation is added to the tax rolls. Tliis formula is exeniplified in B°, atfadied to this docurnent. Criteria for qualification for tax abatement are as follows: Investment Newly Created or 1obs $125,000$325,000 $635,000 $945,000 $1,260,000 $1,570,000 $1,880,000 $2,190,000 $2,500,000 10-25 26-50 51-75 76-100 101-125 126-150 151-175 176-200 201-225 -$350,000 -$500,000 -$750,000 -$1,000,000 D1-$1,250,000 01-$1,500,000 0141,750,000 01-$2,000,000 01-$3,000,000 Possible Abatement 20% 30% 40% 50% 60% 70% 80% 90% 100 % al d) Any project with a capital investment in person propertyof more than three million ~ Payxoll of two and one- dollar ($3,000,000), accompanied by a newly created m~~ ~u n half mllion dollars ($2,500,000), or creating more than ~an~d or more than specifiedin st es wi11 b individually negotiated. No abatement wi11 be b _ law. . e) If a newly created business is located or will locate within an Enterprise Zone, an na110 to 20% abatement rnay be available as individuallY negotiated, with total abate entnot to exceed 100%. VII. ax Abatement for Existing Employers Regarding Real or Personal Property• The City recognizes the value of its existing EmPloyers to the well-being of the co unity and desires to encourage existing EmPloyers to ~ Accorclingly, anrove their espective businesses and ixzdustries, as well as theu' pofitabilitY exis ' g Employer (as opposed to a newly created business or industry moving into the City), owns or leases an Authorized Facility and has plans to improve such Property by constructinb new ' provements on its Real Property and/or adding new Personal Property to its Auth rized Facility which qualify for tax abatement under these Criteria and Guidelines, such -veTnents Rea Emp oyer may be elib ble for tax abatement with lespeC ofcArticpe V nd VI above even if Pro~ rty or its nev~~ Personal Property under the provlsiOns