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<br />Year Abated <br /> <br />Percentage of Value for Proiects <br />Creating or Maintaining a Minimum <br />of25 Full-time Emo10vees <br />100% <br />80% <br />60% <br />40% <br />20% <br /> <br />Percentage of Value for Proiects <br />Creating or Maintaining a Minimum <br />of 10 Full-time Employees <br />50% <br />40% <br />30% <br />20% <br />10% <br /> <br />1-3 Including Construction <br />4 <br />5 <br />6 <br />7-10 <br /> <br />2. No tax abatement shall be given in any year in which the facility fails to meet <br />The contractually defined "Minimum Value Requirement." <br /> <br />3. All Tax Abatement Agreements shall set out in detail the exact method to be <br />used in computing each year's exemption. <br /> <br />4. No tax abatement shall be given in any year in which the facility fails to meet <br />the employment minimum set forth in Section 66-142(h), "Basic Qualifications for <br />Tax Abatement." <br /> <br />(h) Basic Qualifications for Tax Abatement. To be eligible for designation as a <br />reinvestment zone and receive tax abatement the planned improvement: <br /> <br />1. must be shown to increase the assessed value of the property at least $1.0 <br />million upon completion of the contractually-defined "Construction Period;" <br /> <br />2. must be shown to directly create or prevent the loss of permanent full-time <br />employment for at least 10 people within the reinvestment zone upon completion of <br />the contractually-defined "Employment Period;" <br /> <br />3. must be shown not to solely or primarily have the effect of transferring <br />employment from one part of City to another. <br /> <br />4. the City may, at its discretion, take into account alternative or competing site <br />information provided with the application for tax abatement. <br /> <br />(i) Research and Development Projects. If the planned project improvement is for a <br />research and development facility, in order to be eligible for tax abatement the <br />planned improvement: <br /> <br />1. must be reasonably expected to increase the value of the property by a <br />minimum amount of$500,000 upon the completion of construction, and <br /> <br />2. must be expected to create permanent employment for at least five people on a <br />permanent basis in the designated zone, provided that this employment <br />qualification shall take effect no more than two years after the effective date of <br />the agreement and continue through the term of the agreement. The abatement <br />period shall not exceed five years from the effective date of abatement and the <br />percentage of value to be abated shall be up to 100 percent of new value <br />throughout the abatement period, subject to a maximum abatable new value of <br /> <br />- 7 - <br />