The following shall serve as a guide for the determination of the percentage of abatement to be considered and the duration for the abatement agreement, if authorized.
(A) If the increase in assessed valuation is under $250,000 or the annual payroll is under $200,000 or the increase in employment is under 15 FTE jobs, then abatement is not authorized.
(B) If the increase in assessed valuation is $250,000 to $500,000 or the annual payroll is $200,000 to $400,000 or the increase in employment is 15 to 25 FTE jobs, then the abatement percentage may be 25% to 33% or less for a period of three years or less.
(C) If the increase in assessed valuation is $500,001 to $1,000,000 or the annual payroll is $400,001 to $700,000 or the increase in employment is 26 to 45 FTE jobs, then the abatement percentage may be 33% to 40% or less for a period of four years or less.
(D) If the increase in assessed valuation is $1,000,001 to $2,500,000 or the annual payroll is $700,001 to $1,000,000 or the increase in employment is 46 to 70 FTE jobs, then the abatement percentage may be 40% to 50% or less for a period of four years or less.
(E) If the increase in assessed valuation is $2,500,001 to $5,000,000 or the annual payroll is $1,000,001 to $1,300,000 or the increase in employment is 71 to 95 FTE jobs, then the abatement percentage may be 50% or less for a period of five years or less.
(F) If the increase in assessed valuation is $5,000,001 to $10,000,000 or the annual payroll is $1,300,001 to $1,800,000 or the increase in employment is 96 to 125 FTE jobs, then the abatement percentage may be 50% or less for a period of six years or less.
(G) If the increase in assessed valuation is $10,000,000 and above or the annual payroll is over $1,800,000 or the increase in employment is over 125 FTE jobs, then the abatement percentage may be based on the scale of the project for a period of no more than ten years.
(2012 Code, § 80-38) (Ord. 071602, passed - -2007)