The city of Charleston hereby authorizes, and may offer to all new businesses, or existing expanding businesses in an existing structure located in any area of the city and any other eligible developers, one or more of the following financial incentives, payable (where applicable) from the respective utility enterprise or general fund accounts into which said funds were paid, or with payments from the general fund subject to the limits of general fund appropriations, or refunded or abated as per Illinois law:
A. All or a portion of the sales taxes collected by the new retail business or existing expanding business otherwise payable to the city for a period of up to two (2) years from the date approved by the city council subject to such terms and conditions as may be imposed by the city council.
B. All or a portion of the sales taxes due to the city paid by a new retail business, a new nonretail business, or an existing expanding business on the purchase of construction materials used to improve an existing structure for said new retail business, new nonretail business, or existing expanding business, provided such sales taxes were paid within six (6) months of such business being established, enlarged, or substantially modified. For purposes of this subsection, "construction materials" shall include concrete, lumber, floor coverings, wall coverings and paint. The reimbursement of paid sales taxes on construction materials set forth in this subsection shall be approved by the city council after the issuance of a certificate of occupancy. Businesses located on properties that are receiving tax increment financing benefits are not eligible for the reimbursement provided for in this subsection.
C. All or a portion of the property taxes payable to the city on "eligible properties" for up to two (2) years from the date approved by the city council. The property tax abatement set forth in this subsection C will not be provided to any business located on property that is receiving tax increment financing benefits. For purposes of this subsection C, "eligible properties" means those properties within Charleston that were vacant for a period of at least twenty four (24) continuous months prior to being occupied by the new retail business or the new nonretail business. The aggregate total of the abatement will not exceed four million dollars ($4,000,000.00). The corporate authorities of the city may abate its taxes according to the following schedule:
1. Estimated construction cost between $1.00 - $2,500,000.00: The corporate authorities of the city may abate up to ninety percent (90%) of the property taxes due to the city from the property for two (2) tax years following the issuance of the certificate of occupancy.
2. Estimated construction cost between $2,500,001.00 - $5,000,000.00: The corporate authorities of the city may abate up to sixty percent (60%) of the property taxes due to the city from the property for two (2) tax years following the issuance of the certificate of occupancy.
3. Estimated construction cost greater than $5,000,000.00: The corporate authorities of the city may abate up to thirty percent (30%) of the property taxes due to the city from the property for two (2) tax years following the issuance of the certificate of occupancy.
D. The corporate authorities of the city may discount building permit fees for permits for a new retail business, a new nonretail business, or an existing expanding business, for building permits that are issued after the date of adoption hereof and according to the following schedule:
1. Estimated construction cost between $1.00 - $2,500,000.00: The corporate authorities of the city may discount up to fifty percent (50%) of the total building permit fees for the project.
2. Estimated construction cost between $2,500,001.00 - $5,000,000.00: The corporate authorities of the city may discount up to forty percent (40%) of the total building permit fees for the project.
3. Estimated construction cost greater than $5,000,000.00: The corporate authorities of the city may discount up to thirty percent (30%) of the total building permit fees for the project. (Ord. 17-O-16, 4-18-2017)