(A) There is hereby established a property tax abatement program for new industrial firms locating in the city or for existing industrial firms that are expanding resulting in an increase in assessed valuation.
(B) The City Council shall be authorized, by resolution, to hereinafter abate the city property taxes for the industrial firms; provided that, such abatement be in accordance with provisions set forth in this subchapter; and, provided further that, the abatement of city taxes shall not exceed a period of ten years and the total aggregate amount of abated taxes shall not exceed $1,000,000.
(1994 Code, § 37.02) (Ord. 353, passed 10-28-1985)