Res 2013-006/Adopting policy that establishes guidelines and criteria governing tax abatement agreements

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attachments A and B of this document. Standard abatement offers are shown in attachment C. 2. Additional Considerations. In addition to the six categories stated above, the following criteria will be considered in determining what level of tax abatement incentive will be provided to the applicant: a. The types and costs of public improvements (e.g. streets, water, sewer, drainage) and services (e.g. fire, police) that will be required of the City. b. The types and value of public improvements, which will be made by the applicant. c. Appropriate type of activity for the location of the project (e.g. office, retail, etc.) d. The method or methods, which will be available to recapture property tax revenue, lost as a result of entering into a tax abatement agreement with the applicant, if the applicant fails to fulfill its responsibilities under the agreement. e. The amount of time necessary to complete the project and create the jobs that are to be provided by the applicant. f. The extent to which the project will use local suppliers, contractors and labor force. g. The extent to which the proposed project carries out the goals and objectives of the City's Master Plan. 3. Creation of new value. Abatement may be granted for real property in each year covered by an agreement only to the extent its value for that year exceeds its value for the year in which the agreement is executed. Abatement may be granted for tangible personal property located on the real property in each year covered by the agreement other than tangible personal property that was located on the real property at any time before the period covered by the agreement with the City and other than inventory and supplies. 4. Agricultural exemptions denied. No tax abatement shall be granted for any real property unless and until full market value taxes have been paid for five years prior to the execution of a tax abatement agreement. 5. Industrial districts. No tax abatement shall be granted for any property included in an industrial district.