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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 />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 />VI. Tax Abatement for Personal Property; Creation of Jobs: <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 is <br />basically a tax exemption. For this reason, the abatement schedule for personal property versus real <br />property is significantly different. If personal property should become obsolete and be replaced <br />while under an abatement agreement, the replacement personal property is not eligible for <br />abatement. <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 />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 abated <br />beginning with year four (4) and a similar reduction of 20% in each of the next three years until <br />100% of the Real Property valuation is added to the tax rolls. <br />c) Criteria for qualification for tax abatement are as follows: <br />Ca ital Investment <br />Min. Annual <br />Pa roll Created <br />ewly Created <br />obs <br />Possible Abatement <br />lst 3 Years Onl <br />250 000- 350 000 <br />125 000 <br />10-25 <br />20% <br />$350 001-$500 000 <br />$325 000 <br />26-50 <br />30% <br />$500 001-$750 000 <br />$635 000 <br />51-75 <br />0% <br />$750,001-$1,000,000 <br />$945,000 <br />76-100 <br />50% <br />$1,000,00141,250,000 <br />$1,260,000 <br />101-125 <br />60% <br />$1 250 001-$1 500 000 <br />$1 570 000 <br />126-150 <br />70% <br />$1 500 001-$1 750 000 <br />$1 880 000 <br />151-175 <br />80% <br />$1 750 001-$2 000 000 <br />$2 190 000 <br />176-200 <br />90% <br />2 000 001- 3 000 000 <br />2 500 000 <br />01-225 <br />100% <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 />p n <br />