(A) This section is enacted pursuant to South Carolina Constitution, Article X, § 3(g), and for the purposes hereinafter set forth, the city does hereby ordain and enact into law the provisions of this section.
(B) The purpose of this section is to encourage new business development and expansion among existing manufacturing establishments located within the city limits.
(C) The city does hereby exempt from municipal ad valorem taxation in the amount of 100% for a period of not more than five years all new manufacturing establishments locating in the city after enactment of this section if such manufacturing establishments have met all criteria for similar tax exemptions for the county. New establishments may include all new corporate headquarters, corporate office facilities, distribution facilities located in the municipality, and all facilities of new enterprises engaged in research and development activities located within the municipality.
(D) The city does hereby exempt from municipal ad valorem taxation in the amount of 100% for a period of not more than five years all additions to manufacturing establishments, including additional machinery and equipment, located in the city, costing $50,000 or more, with said addition being made after enactment of this section if such manufacturing establishments have met all criteria for similar tax exemptions for the county. Additions may include additions to corporate headquarters, corporate office facilities, distribution facilities, and research and development facilities. This exemption applies only to additions to existing establishments; no existing establishment may claim an exemption under this section for buildings, machinery or equipment situated in the city prior to enactment of this section.
(E) Exemptions from municipal taxation granted pursuant to this section shall not result in a refund of taxes.
(Ord. passed 4-8-96)