The total aggregate abatement allowed any single applicant shall not exceed the statutory maximum applicable, and no ordinance adopted pursuant to this policy shall be construed to allow any excess abatement:
A. Amount: Firms that are qualified under Section 3-1-3 of this Chapter may be granted an abatement the amount of which shall not exceed the following limits:
1. New commercial or industrial firms locating within the County or existing firms expanding their facilities within the County, when such location or expansion is reasonably expected to result in an increase in the work force and an increase in the assessed valuation of the premises in question may be granted an abatement up to one hundred percent (100%) of the additional taxes which would otherwise arise as a result of the increase in the equalized assessed value. A minimum abatement of fifty percent (50%) shall be granted targeted industries.
2. Existing commercial or industrial firms expanding their facilities within the County, when such expansion is reasonably expected to result in an increase in the assessed value of the premises in question and no increase in the work force, but is expected to retain existing employees, may be granted an abatement up to seventy five percent (75%) of the additional taxes which would otherwise arise as a result of the increase in the equalized assessed value. A minimum abatement of twenty five percent (25%) shall be granted targeted industries.
3. Existing commercial or industrial firms expanding their facilities within the County reasonably expected to result in an increase of assessed value, but no increase in the work force and a reduction in the existing work force, may be granted an abatement up to fifty percent (50%) of the additional taxes which would otherwise arise as a result of the increase in the equalized assessed value.
B. Length: Firms that are qualified under Section 3-1-3 of this Chapter may be granted an abatement the length of which shall not exceed the following limits:
1. New commercial or industrial firms locating within the County or existing firms expanding their facilities within the County, when such location or expansion is reasonably expected to result in an increase in the work force and an increase in the assessed valuation of the premises in question may be granted an abatement for not more than ten (10) years. A minimum abatement of five (5) years shall be granted targeted industries.
2. Existing commercial or industrial firms expanding their facilities within the County, when such expansion is reasonably expected to result in an increase in the work force, but is expected to retain existing employees, may be granted an abatement for not more than seven (7) years. A minimum abatement of three (3) years shall be granted targeted industries.
3. Existing commercial or industrial firms expanding their facilities within the County reasonably expected to result in an increase of assessed value, but no increase in work force and a reduction in the existing work force, may be granted an abatement for not more than five (5) years. A minimum abatement of one year shall be granted targeted industries.
C. Computation:
1. Tax abatements shall be computed by:
a. Determining the current amount of taxes paid on the property in question;
b. Estimating the increase in assessed value of the property as a result of the proposed development;
c. Calculating the increase in taxes which would result from such increase in assessed value at current tax rates; and
d. Applying the approved percentage and term (length) of abatement to determine the total approved abatement in dollars.
2. The resolution adopting the abatement shall then establish the total abatement approved and, where applicable, the amount of each installment.
Example: Land currently paying one thousand dollars ($1,000.00) annual tax. The one thousand dollars ($1,000.00) is the base, unabated tax. A qualified project is estimated to increase equalized assessed value so as to result in three thousand dollars ($3,000.00) in taxes annually. Tax abatement approved at fifty percent (50%) over five (5) years. Total amount of abatement is five thousand dollars ($5,000.00) (50% x $2,000.00 increase x 5 years). Resolution will grant five thousand dollars ($5,000.00) abatement in installments such as:
a. One thousand dollars ($1,000.00) each year for five (5) years; or
b. One thousand five hundred dollars ($1,500.00) in years 1 and two (2); one thousand dollars ($1,000.00) in year three (3), and five hundred dollars ($500.00) in years four (4) and five (5).
Installments could be flexible. Each year taxpayer will pay the full amount of the unabated tax ($1,000.00 in the example), and receive a credit in the agreed amount towards the increase, if any, over the base, unabated tax.
D. Targeted Industries: By this Chapter and from time to time by adoption of amendments hereto, certain industries shall be designated as "targeted industries" for the purpose of economic development. It is the legislative purpose of this County Board to determine and identify the types of industries which are critical to the area's economy and future growth. The general categories for such retention and growth activities are: food and kindred products; printing and publishing; cement and concrete products; blast furnaces and foundries; fabricated metal products and machinery; tourism; plastics; leather products; manufacturer of retail products; insurance; and health care and social services. Applicants within such industries shall be encouraged by entitlement to minimum abatement. A complete schedule of such targeted industries is attached to this resolution and made a part hereof.
E. Limitation: The actual amount and length of the abatement shall be considered on a firm by firm basis using the guidelines and other criteria established by the policy. (1983 Code § 16-34)