(A) Requirements. After a determination of the assessed valuation of all real property within the village, the Board of Trustees, upon a majority vote, may order the County Clerk to abate any portion of village real property taxes on the real property of any industrial firm meeting any of the following requirements:
(1) The industrial firm locates within the village during the immediately preceding calendar year from another state, territory, or country; or
(2) The industrial firm is newly created within the village during the immediately preceding calendar year; or
(3) The industrial firm expands a previously existing facility located within the village.
(Ord. 277, passed 3-1-82)
(B) Duration and limit of abatement. Any such abatement shall not exceed a period of ten years and the total aggregate amount of abated real property taxes shall not exceed $1,000,000.
(Ord. 277, passed 3-1-82)