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<br />e <br /> <br />e ORJGJNAl <br /> <br />(g) Value and term of the abatement. Abatement shall be <br />granted effective upon the January 1 valuation date immediately <br />following the effective date of the Agreement. Projects (other <br />than modernization) which meet these guidelines and criteria are <br />eligible for abatement on the value of the new property on a <br />sliding scale as follows: <br /> <br />Year abated <br /> <br />Percentage of <br />value abated <br /> <br />1, including construction <br />2, including construction <br />3 - 8 <br /> <br />0% <br />50% <br />50% <br /> <br />Provided, however that no abatement shall be given in the year <br />when the facility fails to meet the employment minimum set forth in <br />section 66-144(h) (4) except where the jurisdiction has determined <br />that employment falls below minimum due to accident, casualty, <br />fire, explosion, or natural disaster. <br /> <br />If the period of construction exceeds two years, the facility <br />shall be considered complete for purposes of abatement and in no <br />case shall the period of abatement inclusive of construction and <br />completion exceed eight years. <br /> <br />If a modernization project includes facility replacement, the <br />value upon which abatement shall be determined shall be the value <br />of the new unites) less the value of ~he old unites). <br />Modernization projects are eligible for abatement according to the <br />above formula with the exception that abatement shall not exceed 50 <br />percent in any year." <br /> <br />(h) Economic qualifications. Except as provided in sections <br />66-144(i) and (j) below, to be eligible for tax abatement, the <br />planned improvement: <br /> <br />(1) Should provide an economic benefit to the city, taking <br />all relevant factors into consideration, including (i) <br />size of the abatement, (ii) income from sales tax and <br />franchise fees generated by the planned improvement, and <br />(iii) any additional expense to the city in providing <br />city services as a result of the improvement; and <br /> <br />(2) Must be necessary because capacity cannot be provided <br />efficiently utilizing existing improved property when <br />reasonable allowance is made for necessary improvements; <br />and <br /> <br />(3) Must be reasonably expected to increase the value of the <br />property in the amount of $21,000,000.00 upon completion <br />of construction, and <br /> <br />(4) Must be expected to prevent the loss of permanent <br />employment, retain or create permanent employment for at <br /> <br />8 <br />