An economic development agreement executed in accordance with this article may include one or more of the following incentives so long as the agreement will result in a positive financial impact to the City:
A. Up to fifty percent (50%) of the City's general fund portion of the sales tax or use tax paid by or for the benefit of the business for the purchase or use of construction and building materials used in the establishment of the new business facility within the CAZ.
B. Up to fifty percent (50%) of the business personal property tax paid by or for the benefit of the business for any business personal property with its situs at the new business facility within the CAZ with actual value for purposes of assessment greater than one million dollars ($1,000,000.00) (net of any credits or other setoffs).
C. Up to ninety percent (90%) of the business personal property tax paid by or for the benefit of the business for any business personal property with its situs at the new business facility within the CAZ with actual value for purposes of assessment greater than five million dollars ($5,000,000.00) (net of any credits or other setoffs).
D. As used herein, the phrase "by or for the benefit of the business" includes sales and use tax payments by any construction contractor engaged by the qualified business to construct and/or equip a new business facility. (Ord. 15-46; Ord. 16-67; Ord. 23-36)