2012-073 RES APPROVING AND AUTHORIZING TAX ABATEMENT AGREEMENT WITH KIMBERLY-CLARK CORPORATION

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d) Any project with a capital investment of more than ten million dollars ($10,000,000), accompanied by a newly created minimum annual payrol] of two and one-half million dollars ($2,500,000), or creating more than two hundred twenty-five (225) Jobs will be individually negotiated. No abatement will be granted for more than specified in state law. e) If a newly created business is located or will locate within an Enterprise Zone, an additional 10 to 20% abatement may be available as individually negotiated, with tota] abatement not to exceed 100%. VI. Tax Abatement for Personal Property; Creation of Jobs: The City recognizes a signi�cant difference in the valuation of real property and personal property. Because of depreciation schedules, often the abatement of personal property is basically a tax exemption. For this reason, the abatement schedule for personal property versus real property is significantly different. If personal property should become obsolete and be replaced while under an abatement agreement, the replacement personal property is not eligible for abatement. a) To be eligible for any tax abatement on Personal Property, there must be a minimum capital investment of $250,000 in Personal Property and at least ten (10) new Jobs added to the Employer's labor force. b) When an abatement percentage has been agreed upon it shall be granted for years one (1) through three (3); thereafter, there will be a 20% reduction in the original amount abated beginning with year four (4) and a similar reduction of 20% in each of the next three years until 100% of the Real Property valuation is added to the tax rolls. c) Criteria for qualification for tax abatement are as follows: d) Any project with a capital investment in personal property of more than three million dollars ($3,000,000), accompanied by a newly created minimum annual payroll of two and one- half million dollars ($2,500,000), or creating more than two hundred twenty-five (225) new Jobs will be individually negotiated. No abatement will be granted for more than specified in state law.