This article is enacted pursuant to authority conferred by article 12, section 2, Idaho Constitution, and Idaho Code sections 31-714, 31-801, 31-828, and 63-602NN.
The purpose of this article is to provide objective criteria for determining the amount of incentive tax relief that is proportional to the significant economic benefits produced by a proposed project. Placing these criteria in an ordinance provides prospective applicants with information for planning and makes the process more transparent.
Because Property Tax incentives effectively shift the tax burden to other taxpayers, it is important that significant benefits accrue to the public good, primarily in the form of high-paying jobs and increased property values. As a result, exemptions should not be granted unless the Board of County Commissioners ("Board") finds that a combination of direct and indirect benefits to the community from a proposed project substantially exceeds the projected cost of the tax shift. These criteria are intended to help make those determinations.
While the purpose of Property Tax incentives is to both attract new businesses and retain existing business, relevant incentives may differ. Therefore, in some respects, new and existing businesses are evaluated differently. The provisions of this article will also be applied to applications filed under Idaho Code section 63-606A, except when specifically inconsistent therewith. (Ord. 18-031, 11-15-2018)