(A) In order to obtain a tax deduction for improvements in an economic revitalization, a taxpayer must first submit a Statement of Benefits (Form SF27167) to the City Council.
(B) The statement of benefits must be submitted before the rehabilitation of real property begins or the new manufacturing equipment is acquired.
(C) The City Council must review the statement of benefits and determine whether to approve the statement of benefits or designation based upon whether the estimated jobs to be created or retained, the estimate of the annual salary and the estimated value of the redevelopment or rehabilitation, and/or new manufacturing equipment can reasonably be expected from the proposed project. Based upon these findings, the City Council must determine whether the benefits set forth in the statement of benefits justifies the deduction (the deduction may only be granted if the City Council determines that the described redevelopment or rehabilitation and/or new manufacturing equipment can be reasonably expected to yield the benefits identified in the statement of benefits and that the benefits are sufficient to justify the deduction granted.
(D) The corporation, entity or persons requesting abatement is hereby required to prepare and provide a resolution for approval of the City Council and review by the City Attorney ten days prior to any scheduled meeting of the City Council.
(E) The new manufacturing equipment shall be listed and attached to the resolution benefits statement so the City Council can determine what equipment exists or will exist.
(F) All rehabilitation/redevelopment of real property shall include a specific list of improvements with values associated therewith.
(G) The Mayor may appoint a committee to meet with corporation, entity or person for a site visit to discuss the specific abatement.
(H) The committee established in division (G) above will make a recommendation to the full Council at its next regular meeting.
(I) The corporation, entity or persons requesting abatement or his or her representatives may be present at the meeting to present the tax abatement and answer any questions thereto at the request of the tax abatement committee.
(J) Job creation figures, annual salaries and statistics shall be attached to any resolution or benefits statement.
(K) Failure to comply with this section may result in the City Council's disapproval or continuance of the matter to the next regularly scheduled meeting.
(L) If in conflict with state law, the ordinance shall comply with all state statutes, rules and regulations and the city shall follow those laws.
(Ord. 1995-10, passed 6-20-1995)