The Mayor and City Council in an effort to facilitate the successful development of the enterprise zone will make available the following incentives and target the following programs within the enterprise zone for the life of the enterprise zone and in accordance with policies and procedures to be implemented following designation of the enterprise zone by the Department of Commerce and Economic Opportunity. In order to qualify for the following incentives, a project must be of such a nature as would normally require a building permit from the city.
(A) Property (real estate) tax abatement.
(1) Commercial, industrial. Abatement for commercial and industrial rehabilitation, expansion and/or new development projects shall be for a period of ten years for each project completed prior to the termination date of the enterprise zone and which is eligible and recommended by the Zone Administrator.
(2) Residential. Abatement for single-family and multi-family residential rehabilitation and construction projects shall be for a five year period for each project which is completed prior to the termination date of the enterprise zone and which is eligible and recommended by the Zone Administrator.
(3) Abatement amount. Property tax abatement shall be granted on the increase assessed valuation resulting from an approved project. The abatement shall be based upon the following:
(a) For residential projects, abatement shall be granted at 50%.
(b) For commercial or industrial projects the abatement shall be based upon the following criteria. “Value of project improvements” shall include land, construction and equipment costs.
Value of Projects Abatement
Improvements Received
Improvements Received
$0 - $250,000 25% abatement for 10 years
$251,000 - $10 million 50% abatement for 10 years
Over $10 million 75% abatement for 10 years
(B) Sales tax abatement. Abatement of the sales tax on building and construction materials to be incorporated into real estate in the Danville/Vermilion County Enterprise Zone, as designated, by remodeling, rehabilitation or new construction, shall be granted upon application for a building permit and issuance of a sales tax certificate. Such materials must be purchased from a retailer located in the City of Danville.
(C) Permit and Fee Waivers. Waiver of one-half of the permit fees on a building permit applications and one-half of the permit fees on those electrical, mechanical and plumbing permit applications that are for new construction work for projects undertaken with the Danville/Vermilion County Enterprise Zone fo the term of the Enterprise Zone. All other terms and conditions of their respective Ordinances and regulations will otherwise continue to apply.
(Ord. 7032, passed 12-20-83; Am. Ord. 7089, passed 10-2-84; Am. Ord. 7575, passed 6-2-92; Am. Ord. 7961, passed 5-5-98; Am. Ord. 8541, passed 5-15-07; Am. Ord. 9217, passed 8-6-19)