(A) The purpose of the tax abatement program offered within economic revitalization areas of the city are best served by allowing abatement by taxpayers only when the benefits identified in the statement of benefits appear to meet the following thresholds, and the City Council intends to consider but not be limited by these thresholds in determining whether these benefits justify the requested deduction.
(B) The thresholds are as follows.
(1) A minimum of one new full-time job should be created or retained for each $5,000 to be expended on new manufacturing equipment or redevelopment or rehabilitation of real property. A brief position description for each full-time job to be created or retained, and the reason why the planned investment will result in this creation or retention should be included with the statement of benefits.
(2) Redevelopment or rehabilitation activities which may be accurately described as routine facility maintenance will not be considered for tax abatement.
(3) New manufacturing equipment which is acquired as a part of a routine equipment replacement program, or is acquired to facilitate a change to or addition of products manufactured at this location, or is acquired to improve efficiency or product quality or competitiveness, will not be considered for tax abatement.
(1987 Code, § 4-84) (Res. 6, 1989, passed 5-8-1989)