07-C Tax Abatement Guidelines - Laserfiche WebLink

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A property owner and/or lessee shall be eligible for tax Abatement only upon the following terms and conditions: a) Authorized Facilities. A facility may be eligible for Abatement if it is a Manufacturing Facility, Research Facility, Regional Distribution Facility, Regional Tourist Entertainment Facility, or Other Basic Industry. b) Creation of New Value. Abatement may only be granted for the additional value of eligible real and tangible personal property improvements, subject to such limitations as the City may require. c) New and Existing Facilities. Abatement may be granted for new facilities and improvements to existing facilities for purposes of modernization or expansion. d) Eligible Property. Abatement may be extended to the value of buildings, structures, fixed machinery and equipment, site improvements, tangible personal property, and that office space and related fixed improvements necessary to the operation and administration of the facility; provided, however, that inventory or supplies shall not be eligible for Abatement. e) Leased Facilities. If a leased facility is granted Abatement, the Agreement may be executed with the lessor and/or lessee, depending upon the particular circumstances of the proposed project. If the Agreement is with the lessor, lessor shall demonstrate binding contracts with the lessee to guarantee compliance with the terms of the Agreement. f) Value and Term of Abatement. The City will decide whether to grant tax Abatement to an applicant, and the amount, if any, of such Abatement, on a case-by-case basis. The term of Abatement granted under any Agreement may not exceed that permitted by applicable state law. The amount of the Abatement shall be based upon a percentage (0 to 100%) of all or a portion of the eligible property. Abatement may only be granted for the additional value of eligible property improvements made pursuant to and listed in the Agreement between the City and property owner and/or lessee subject to such limitations as the City may require. If a modernization project includes facility replacement, the value eligible for Abatement shall be the value of the new unit(s), less the value of the replaced unit(s). The criteria that will be used in evaluating a particular application for Abatement will include, but not be limited to: 1) the dollar amount of the increase in the tax roll for the proposed project; 2) the number of jobs created by the proposed project; 3) the possible effect the proposed project will have on attracting other taxable -5-