O-2006-2956 - Laserfiche WebLink

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'. 1-3 Including Construction 4 5 6 7-10 Percentae:e of Value for Proiects Creating or Maintaining a Minimum of25 Full-time Emplovees 100% 80% 60% 40% 20% Percentage of Value forProiects Creating or Maintaining a Minimum of 10 Full-time Emplovees 50% 40% 30% 20% .10% Year Abated 2. No tax. abatement shall be given in any year in which the facility fails to meet The contra:ctually defined "Minimum Value Requirement." 3. All Tax. Abatement Agreements shall set out in detail the exact method to be used !n computing each year's exemption. 4. No tax abatement shall be given in any year in which the facility fails to meet the employment minimuin set forth in Section 66-1 42(h), "Basic Qualifications for Tax. Abatement." (h) Basic Qualifications for Tax Abatem.ent. To be eligible for designation as a reinvestment zone and r.eceive tax abatement the planned improvement: 1. muSt be shown to increase the assessed value of the property at least $1.0 million upon completion of the contractually-defined. "Construction Period;" 2. must be shown to directly create or prevent the loss of permanent full-time employment for at least 10 people within the rem vestment zone upon completion of the contractually-defined "Employment Period;" . . 3. must be shown not to solely or primarily have the effect of transferring .. . employment from one part of City to another. 4. the Citymay, at its discretion, take into account alternative or competing site information provided with the application for tax abatement. (i) Research and Development Projects. If the planned project improvement is for a research and development facility, in order to be eligible for tax abatement the planned improvement: L must be reasonably expected. to increase the value of the property by a minimum amoUnt of $500,000 upon the compietion of coIistruction, and 2. must be expected to create permanent employment for at least five people on a permanent basis iri. the designated zone, provided that this employment qualification shall take effect no more than two years after the effective date of the agreement and cOntinue through the term of the agreement. The abatement period shall not exceed five years from the effective date of abatement and the . percentage of va hie to be abated shall be up to 100 percent of new value throughout the abatement period, subject to a maximum abatable new value of - 7 -