2013-011 RES APPROVING AND AUTHORIZING TAX ABATEMENT AGREEMENT WITH CAMPELL SOUP

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d) Any project with a capital investment of more than ten milfion dollars {$10,000,000), accompanied by a newly created minimum annuaE payroll of two and one-haJf million dollars ($2,500,000), or creating more than two hundred twenty-five (225) Jobs will be individuaily negotiated. No abatement wiil be granted for more t�ian specified in state law. e) 1f a newly created bt�siness is Iocated or will locate within an Enterprise Zone, an additional 10 to 20% abatement rt►ay be available as individually negotiated, with total abatement not #o exceed l 0�°/a. VT. Tax Abatement for Personai Property; Creation of Jobs: The City recognizes a significani difference in the valuation of real property and personal property. Because of depreciation scheduies, often the abatement of personat property is basically a tax exemption. For this reason, the abatement schedule for personal property versus real property is significantly different. iipersonal property should become obsolete and be replaced while under an abatement agreement, the replacement personai property is not eligible for abatement. a) To be eligible for any tax abatement on Personal Property, there must be a minimum capitai investinent of $250,000 in Personal Property and at ieast ten (] 0) 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°/a in each of the next three years until 100% of the Real Property valuation is added to the taac roils. c) Criteria for qvalification for tax abatement are as foltows: d} Any project with a capital investrnent in personal property of more than #hree rnillion dollars ($3,000,000), accompanied by a newly created rninimum annuaJ payroIl of two and one- haff million dollars ($2,500,000}, or creating more than two hnndred twenty-five (225) new Jobs wiii be indsvidaally negatiated. No abatement wi!} be granted for more than specified in state iaw.